An American automotive dealer chain rather likes its president of operations – so much so it has given him a massive pay package.
Sonic Automotive has given manager Jeff Dyke $22.9 million US dollar share package – which on top of his already hefty salary takes his deal to $39.2 million NZD.
Admittedly the shares vest over 15 years – but the numbers are still impressive. It is worth seven times what the chief executive is paid.
The company’s filings show the deal is to ”encourage him to continue his employment.”
Sonic has declined to comment.
The company operates about 100 dealerships in 14 states, has been revamping operations with the goal of getting buyers in and out of showrooms in under 45 minutes, assisted by salesmen with iPads, according to its website. It sells cars under brands from Acura and BMW to Chevrolet and Volvo.
Dyke’s deal comes with some caveats. It only pays if Sonic hits certain financial targets. He also signed a non-compete agreement to receive the award, according to the filing.
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