Former AutoNation Inc. CEO Mike Jackson, who retired on Nov. 1 after more than two decades with company, collected nearly $18.3 million in compensation last year, according to the auto retail giant’s proxy statement.
Jackson, 73, earned 29 percent more than the year before. His 2021 compensation included $1.09 million in salary, stock awards of $9.1 million, $5.2 million in non-equity incentive plan compensation and $2.9 million in other compensation, according to the proxy released on Wednesday.
That other compensation included nearly $2.7 million in severance pay, $123,367 for personal use of corporate aircraft, $41,439 for vehicle use and $55,519 for group term life insurance payments.
When Jackson retired, AutoNation agreed to award him restricted stock units totaling $2,543,014, pay of nearly $2.7 million that included salary he would have been paid until April 12, 2022 — the date he was set to retire in his most recent employment contract — plus a target annual bonus for 2022, according to the proxy. He also received his annual bonus for 2021 and AutoNation agreed to provide him health insurance for 18 months.
AutoNation announced in September that it had hired former Fiat Chrysler Automobiles CEO Mike Manley to replace the retiring Jackson. Jackson’s contract stated he could leave sooner if a new CEO was hired before that April 2022 date.
Manley, who started as CEO at AutoNation on Nov. 1, earned $8.51 million in compensation last year, according to the proxy. He is set to earn a $1.3 million annual base salary.
The majority of Manley’s 2021 compensation included $6.7 million in stock awards. AutoNation, in the proxy, said that stock award “was intended to replace certain stock-based awards and other compensation that Mr. Manley forfeited from prior employment in connection with his recruitment to the company.”
He also earned $216,667 in salary, a $1.5 million bonus and $97,092 in other compensation. Among that other compensation was $54,011 for relocation costs, $35,043 in tax reimbursement, $7,500 for a vehicle allowance and group term life insurance payments of $538.
AutoNation, of Fort Lauderdale, Fla., ranks No. 1 on Automotive News‘ most recent list of the top 150 dealership groups based in the U.S., retailing 249,654 new vehicles in 2020.