Wendy A. Rummler
CREDIT ACCEPTANCEAbout Wendy A. Rummler
Wendy A. Rummler (age 48) is Chief People Officer at Credit Acceptance Corporation (CACC). She joined CACC in December 2001 from Arthur Andersen, progressed through Treasury and Finance leadership, became SVP, Human Resources in May 2021, and was appointed CPO in September 2022 . Company performance context during 2020–2024: value of a $100 CACC investment moved from $78.25 (2020) to $155.47 (2021), $107.24 (2022), $120.40 (2023), and $106.09 (2024); GAAP Net Income was $421.0M (2020), $958.3M (2021), $535.8M (2022), $286.1M (2023), and $247.9M (2024); Economic Profit was $471.3M (2020), $574.1M (2021), $476.6M (2022), $260.5M (2023), and $200.3M (2024) .
Performance context (company-level):
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Total Shareholder Return – Value of $100 Investment ($) | $78.25 | $155.47 | $107.24 | $120.40 | $106.09 |
| GAAP Net Income ($M) | $421.0 | $958.3 | $535.8 | $286.1 | $247.9 |
| Economic Profit ($M) | $471.3 | $574.1 | $476.6 | $260.5 | $200.3 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Credit Acceptance | Senior Financial Analyst | 2001–2003 | Joined from Arthur Andersen; began in Finance |
| Credit Acceptance | Treasury (moved into) | 2003 | Transitioned into Treasury function |
| Credit Acceptance | Assistant Treasurer | 2005 | Advanced in corporate finance |
| Credit Acceptance | Director of Finance | 2008 | Led Finance teams |
| Credit Acceptance | Vice President of Finance | 2010 | Expanded Finance leadership |
| Credit Acceptance | Senior Vice President of Finance | 2013 | Led variety of Finance and HR teams |
| Credit Acceptance | SVP, Human Resources | May 2021–Sep 2022 | HR leadership; people strategy |
| Credit Acceptance | Chief People Officer | Sep 2022–present | Executive leadership of People function |
External Roles
No external directorships or other public-company roles are disclosed for Ms. Rummler in the company’s proxy background section .
Fixed Compensation
| Year | Base Salary ($) | Other Cash/Perqs ($) | Notes |
|---|---|---|---|
| 2023 | 525,000 | — | Named executive officer base salary schedule for 2023 |
| 2022 | 409,615 | 17,697 (includes 401(k) match $15,250; Profit Sharing $2,447; misc.) | As reported in SCT for 2022 |
- Annual cash bonuses were not part of the 2021–2024 program; non-equity incentive plan compensation for Ms. Rummler was $0 in 2022 and the company eliminated annual cash awards for NEOs in that period .
Performance Compensation
Equity Awards – Options (structure, vesting, economics)
| Grant Date | Award Type | Size (#) | Exercise Price ($) | Expiration | Vesting |
|---|---|---|---|---|---|
| Dec 30, 2020 | Stock Options | 18,750 | 333.94 | 6 years from grant (Dec 30, 2026) | 4 equal annual installments beginning Dec 30, 2021, subject to continued employment |
| Apr 28, 2021 | Stock Options | 1,250 | 390.39 | 6 years from grant (Apr 28, 2027) | 4 equal annual installments beginning Apr 28, 2022, subject to continued employment |
| Oct 6, 2022 | Stock Options | 10,000 | 468.67 | 6 years from grant (Oct 6, 2028) | 4 equal annual installments beginning Oct 6, 2023, subject to continued employment |
- 2022 “Outstanding Equity Awards” table shows Ms. Rummler had 9,376 options exercisable and 9,374 unexercisable at $333.94 (expiring Dec 30, 2026), and 10,000 unexercisable options at $468.67 (expiring Oct 6, 2028) as of Dec 31, 2022 .
Equity Awards – RSUs and Deferred Settlement
- The 2021–2024 program emphasized options for existing NEOs; RSUs were primarily used for newly appointed NEOs during that period (no 2022 RSU grants to Ms. Rummler are disclosed) .
- Ms. Rummler had a nonqualified deferred compensation balance of $1,482,500 as of Dec 31, 2022, attributable to RSUs granted prior to Dec 31, 2021 with delayed settlement; 2022 aggregate earnings on that balance were $(666,500) reflecting stock price movement from $687.68 (12/31/2021) to $474.40 (12/31/2022) .
Program Design and Metrics
- 2021–2024 executive program eliminated annual cash awards, increased base salaries, and delivered long-term equity (options) intended to align compensation with shareholder value via stock price appreciation; RSUs were used for certain newly appointed NEOs .
- For 2025–2034, CACC adopted a new long-term program centered on RSUs for NEOs to encourage an ownership-driven focus; this broad program change is disclosed generally (Ms. Rummler is not listed among 2024/2025 NEO grant recipients) .
2022 Summary Compensation – Ms. Rummler (as disclosed)
| Year | Salary ($) | Option Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|
| 2022 | 409,615 | 1,677,644 (10,000 options granted Oct 6, 2022) | — | 17,697 | 2,104,956 |
Equity Ownership & Alignment
| As-Of Date | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Apr 10, 2023 | 15,378 | <1% (per table asterisk) | Ownership determined under SEC rules; includes rights exercisable within 60 days |
- Awards under the Incentive Plan are non-assignable and may not be transferred or pledged; executive hedging is prohibited by company policy .
- Section 16(a) compliance: one late Form 4 filing by Ms. Rummler in 2024 related to a sale of shares (sale amount/date not specified in proxy) .
Employment Terms
- No individual employment agreements providing cash severance or benefits continuation for NEOs (policy applicable during her NEO status) .
- Change-in-control: double-trigger vesting for awards assumed/substituted (accelerate upon qualifying termination within 24 months); awards not assumed/substituted vest on change-in-control; Committee may cash out options for spread value .
- Clawback: company policy to recoup erroneously awarded incentive-based compensation following a required restatement, consistent with Dodd-Frank and Nasdaq listing standards; executives acknowledged in writing .
- Insider trading/hedging: executives and directors prohibited from hedging company securities .
Investment Implications
- Alignment and incentives: Ms. Rummler’s 2021–2024 compensation was predominantly long-dated, at-risk options with four-year ratable vesting, directly linking payout to sustained stock price performance; absence of annual cash bonuses reduced short-termism .
- Upcoming vesting/selling pressure: Option tranches from 2021–2022 grants vest annually through 2025–2026, creating periodic liquidity windows; a late-filed Form 4 indicates at least one 2024 sale, suggesting potential incremental selling when windows open (magnitude unknown) .
- Retention risk: No individual severance guarantees; equity is forfeitable if unvested upon departure, which supports retention but reduces downside protection for the executive; double-trigger vesting provides protection only in change-of-control scenarios .
- Governance and shareholder sentiment: High say-on-pay support (98.4% in 2024) and explicit clawback/anti-hedging policies underpin governance quality; Compensation Committee does not use external consultants or peer benchmarking, limiting pay inflation risks tied to peer creep .
- Company performance backdrop: After an exceptional 2021, TSR and earnings moderated in 2022–2024; option-heavy incentives mean realizable pay is sensitive to these swings, reinforcing alignment but potentially increasing executive retention risk in down cycles .
Note: Ms. Rummler was a named executive officer in 2022; more recent SCT and RSU grant detail in 2024–2025 proxies focus on other NEOs. All figures and terms above reflect disclosures in the cited proxy statements.