Sonic Automotive gave its executive officers 20 percent raises, established parameters for cash bonuses for the four executives, and added a board member, according to a document filed with the Securities and Exchange Commission.
Two board members will not be seeking reelection.
The filing said the Sonic board’s compensation committee approved the base salary increases, retroactively effective on Jan. 1, 2022, for the officers, raising Executive Chairman Bruton Smith’s pay to $240,000; CEO David Smith’s to $1,336,366; President Jeff Dyke’s to $1,193,230; and CFO Heath Byrd’s to $930,000.
The four executives’ additional cash bonuses will be determined by adjusted earnings per share and customer satisfaction levels from Jan. 1, 2022, through Dec. 31, 2022, according to the filing.
The new board member is Michael Hodge, executive vice president, finance of Speedway Motorsports.
Board members Victor Doolan and Robert Heller notified Sonic that they will not seek reelection to the company’s board of directors, according to the filing.
Sonic reports earnings on Wednesday, Feb. 16.
