Business Context and Reporting Period
Company: Asbury Automotive Group, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: January 29, 2009
Event Date: Effective February 9, 2009
The filing addresses executive compensation adjustments in response to economic hardships affecting the automotive retailing industry.
Key Financial Metrics
This filing does not provide specific financial data regarding revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation changes.
Material Changes
Effective February 9, 2009, the following named executive officers voluntarily agreed to reduce their current salaries by 10% for the duration of 2009:
- Charles R. Oglesby (President and Chief Executive Officer)
- Craig T. Monaghan (Senior Vice President and Chief Financial Officer)
- Philip R. Johnson (Vice President of Human Resources)
- Keith R. Style (Vice President of Finance)
Management Commentary and Risks
Management Commentary: The salary reductions are a direct response to "current economic times" and the "hardship that is being felt across the automotive retailing industry."
Risks and Contingencies: The filing highlights the broader economic risk facing the automotive sector but does not detail specific operational risks or contingencies beyond the industry-wide hardship.
Investor Verification Checklist
- Verify the effective date of the salary reductions (February 9, 2009).
- Confirm the duration of the salary reduction (through the end of 2009).
- Review subsequent filings for any further cost-cutting measures or financial performance updates related to the economic downturn.