Jeff Parent
AUTONATIONAbout Jeff Parent
Jeff Parent is Chief Operating Officer of AutoNation (appointed September 18, 2023; employment commenced October 16, 2023) and was age 58 at appointment, with prior senior operating roles across Toyota distribution, Nissan Canada, Volkswagen of America, and VW Credit . In 2024, AutoNation delivered net income of $692.2 million and diluted EPS of $16.92, with adjusted operating income per basic share of $29.97 versus a $27.84 target; annual incentives paid at 139% of target reflecting outperformance on that metric . Parent’s pay is tightly linked to performance: his annual bonus is driven 100% by adjusted operating income per basic share, and long-term equity is split between time-based RSUs and PBRSUs tied to ROIC and Relative TSR .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gulf States Toyota, Inc. | President & General Manager | 2017–2023 | Led one of the world’s largest independent Toyota distributors across vehicles and parts; drove sales, supply chain, and customer experience |
| Gulf States Toyota, Inc. | Senior Vice President | 2010–2017 | Senior leadership across sales and operations; prepared for GM role |
| Nissan Canada Inc. | Vice President, Sales & Marketing (Nissan & Infiniti) | Prior to 2010 | Led brand sales and marketing across Canada; strengthened brand performance |
| Volkswagen of America, Inc. | Region VP, Eastern Region | Earlier career | Oversaw Sales, Marketing, Parts, Service, and Customer Satisfaction across Northeastern U.S. |
| VW Credit, Inc. | Senior roles | Earlier career | Finance and captive operations experience supporting retail network performance |
External Roles
No external public-company directorships or committee roles were disclosed for Jeff Parent in the reviewed filings .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base Salary | $800,000 | As set in offer letter and unchanged in 2024 |
| Sign-on Cash (paid Feb 1, 2024) | $1,500,000 | Clawback if resigns or terminated for cause before Oct 16, 2025; prorated repayment |
| Car Allowance | $15,600 | Executive vehicle allowance per policy |
| All Other Compensation (perqs/benefits) | $219,132 | Relocation $116,139; relocation tax gross-up $75,351; vehicle allowance $15,600; 401(k) match $8,333; group life $3,709 |
| Total Cash/Perqs (ex-LTI) | $2,534,732 | Sum of salary, sign-on cash, car allowance, perqs |
Performance Compensation
| Metric | Weighting | 2024 Target | 2024 Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Adjusted Operating Income per Basic Share (Annual Bonus) | 100% of annual bonus | $27.84 | $29.97 | 139% of target | Cash paid after year-end; Parent’s payout $997,200 |
| ROIC PBRSUs (2024–2026 cycle) | ~30% of 2024 LTI RSUs | Challenging targets set Feb 2024 | 3-year period | 40%–200% of target shares | Cliff vest post 3-year performance certification |
| Relative TSR PBRSUs (2024–2026 cycle) | ~30% of 2024 LTI RSUs | Peer group-relative TSR | 3-year period | 40%–200% of target shares | Cliff vest post 3-year performance certification |
| Time-based RSUs (2024 grant) | ~40% of 2024 LTI RSUs | N/A | N/A | N/A | Vests one-third annually on each March 1 of 2025–2027 |
2024 grants detail:
- RSU shares: 3,947 (time-based)
- ROIC PBRSU target shares: 1,184; Relative TSR PBRSU target shares: 1,184
- 2024 stock awards (grant-date fair value): $1,683,532
Annual bonus calibration for all NEOs (company-wide):
- Threshold: $22.28 (50% payout); Target: $27.84 (100%); Maximum: $44.55 (200%)
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Shares Beneficially Owned | 973 shares (less than 1%) |
| Management Ownership Guideline | 2x base salary; requirement $1,600,000 |
| Value of Shares Held (as of Mar 3, 2025) | $170,645 (closing price $175.38) |
| Compliance Status | Below guideline with five years allowed to reach threshold |
| Hedging/Short Sales | Prohibited for directors/employees |
| Pledging | No pledging disclosure noted in reviewed filings |
Vested vs unvested and upcoming vesting:
- 2024 vesting realized: 289 shares; value realized $45,156
- Unvested time-based RSUs (3/1/2024 grant): 3,947; vest one-third on each March 1 of 2025–2027
- Sign-on RSUs (11/1/2023): 576 time-based; vest one-third annually through 2026
- Sign-on PBRSUs (11/1/2023): 1,298 + 1,298 target units; cliff vest post 3-year performance period at 0%–200% of target
- 2024 PBRSUs: 1,184 ROIC and 1,184 Relative TSR target units; cliff vest post 2024–2026 cycle at 40%–200% of target
Outstanding award market values (as of Dec 31, 2024; $169.84 close) for 2024 grants:
- Time-based RSUs (3/1/2024): $670,358
- ROIC PBRSUs threshold-display: $201,091; Relative TSR PBRSUs threshold-display: $201,091
Employment Terms
- Employment start: October 16, 2023; at-will employment per offer letter .
- Compensation structure: Base salary $800,000; target annual bonus 90% of salary ($720,000); annual equity target $1,500,000 beginning 2024 .
- Sign-on awards: $1.5 million cash paid post-Feb 1, 2024; clawback if resigns/terminated for cause before Oct 16, 2025; sign-on RSUs $120,000 (time-based) and PBRSUs $180,000 (3-year performance) .
- Severance and change-in-control:
- Covered by Executive Severance Plan: if terminated without cause or resigns for good reason, cash severance equal to 1.5x (salary + target bonus) paid over 18 months; prorated current-year bonus; COBRA premium gross-up for 18 months .
- Modeled severance for Parent (as of Dec 31, 2024): Cash severance $2,325,285; RSUs do not accelerate except in death/disability or change-in-control scenarios per plan terms .
- Equity treatment: Double-trigger vesting post change-in-control if awards remain outstanding; if awards are not assumed/substituted, immediate vesting (performance deemed at target) .
- Restrictive covenants: One-year non-compete/non-solicit and related covenants; violation forfeits unvested RSUs and requires repayment of value of RSUs vested in prior 12 months .
- Clawbacks: SEC/NYSE-compliant recoupment policy adopted Oct 2023 for erroneously paid incentive compensation upon qualifying restatements (three-year lookback), plus pre-2015 policy covering cash bonuses and equity; applies to Section 16 officers .
Investment Implications
- Alignment: Parent’s incentive pay is highly performance-weighted, with cash bonus tied entirely to adjusted operating income per basic share and equity split across ROIC and Relative TSR PBRSUs; 2024 corporate performance drove a 139% bonus payout, indicating strong pay-for-performance linkage .
- Ownership signal: Current share ownership ($170,645) is materially below the $1.6 million guideline, which can indicate lower skin-in-the-game near term; however, large outstanding RSUs/PBRSUs and five-year compliance window partially mitigate alignment concerns .
- Retention risk: The $1.5 million sign-on cash with clawback through October 2025 and equity vesting schedules suggest near-term stickiness; severance economics under the Executive Severance Plan further reduce voluntary departure risk .
- Trading signals and potential selling pressure: Upcoming annual RSU vesting each March and eventual PBRSU cliff vest in early 2027 could create periodic Form 4 activity; realized 2024 vesting was modest (289 shares, $45,156), implying limited near-term selling pressure from Parent’s holdings .
- Governance and risk: Prohibitions on hedging/short sales and robust clawback reduce adverse incentive risk; no pledging disclosure was noted, and say-on-pay support remains very high (98%), reinforcing investor acceptance of the compensation framework .