Jonathan M. Collins
About Jonathan M. Collins
Jonathan M. Collins, age 53, was appointed Chief Financial Officer of America’s Car-Mart effective May 12, 2025, with an initial base salary of $450,000 and participation in the annual bonus plan at a 100% of salary target (120% max; FY2026 minimum payout guaranteed at 60% attainment, prorated) . His background spans CFO of Walmart Africa (finance and real estate oversight across 300+ stores in eight countries), Chief Accounting Officer of Flipkart Group, Controller at Walmart Canada, and 12 years in KPMG CFO advisory; he began as a software developer and later Chief Architect of Alltel Information Systems’ ERP . He holds degrees in computer science (Kennesaw State), accounting (Western Governors University), an MAcc and MBA (University of Illinois at Urbana-Champaign), and is a CPA . As context, CRMT’s FY2025 revenue declined 0.2% to $1.4B while net income improved to $17.9M from a prior-year loss, and the company’s TSR value-of-$100 stood at $71.9 vs peer group $274.2, highlighting execution improvement amid a challenging backdrop .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Walmart Africa | Chief Financial Officer | 2023–2025 | Led finance and real estate across >300 stores in 8 African countries |
| Flipkart Group | Chief Accounting Officer | 2020–2023 | Built controllership discipline and supported finance transformation |
| Walmart Canada | Controller | 2019–2020 | Strengthened financial controls and reporting |
| KPMG (China/U.S./Australia) | Management Consultant (CFO Advisory) | 12 years | Advised on financial value creation, transformation, automation/digitization |
| Alltel Information Systems | Software Developer → ERP Chief Architect | Not disclosed | Architected enterprise ERP systems |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in CRMT filings | — | — | Company materials list professional roles and education; no external public company board roles disclosed |
Fixed Compensation
| Component | Detail | Terms |
|---|---|---|
| Base Salary | $450,000 per year | Reviewed periodically; paid biweekly |
| Annual Bonus (FY2026) | Target 100% of base; max 120% | Guaranteed minimum payout at 60% attainment, prorated; payable within 2.5 months after FY end; must be employed through payment |
| Benefits & Perquisites | Group medical/dental/vision/life, disability; 15 vacation days; company car and cell phone | Subject to plan terms; company may amend/terminate plans |
| Stock Ownership Guideline (CFO) | 3x base salary | Expected to meet within 5 years; includes unvested time-vested restricted shares in guideline calculation |
Performance Compensation
| Metric | Weight | Target Setting | FY2025 Company Actuals (for context) | Payout Mechanics |
|---|---|---|---|---|
| % of dealerships with positive EVA | 20% | Pre-set annually by Compensation Committee | Below threshold; no payout to NEOs | 0–200% of metric target; linear interpolation |
| SG&A per average active customer (YoY change) | 20% | Pre-set | +>4% YoY; 59% of eligible bonus for NEOs | As above |
| Net customer growth (YoY) | 20% | Pre-set | +2.93%; 59% of eligible bonus | As above |
| Average dollars collected per active customer per month (YoY) | 20% | Pre-set | +3.95%; 118% of eligible bonus | As above |
| Individual performance component | 20% | Discretionary assessment vs projects/talent outcomes | CEO: 115%, COO: 115%, former CFO: 90% | As above |
- Collins participates on the same terms as similarly situated executives beginning FY2026 (Committee-set metrics/outcomes); FY2026 bonus terms include a minimum guaranteed payout at 60% attainment, prorated .
Equity Ownership & Alignment
| Item | Amount/Terms | Vesting | Notes |
|---|---|---|---|
| Restricted Shares (one-time award) | 6,145 shares | Vests in three equal annual installments starting June 5, 2026 | Granted June 5, 2025 under 2024 Plan |
| Stock Options (one-time award) | 11,880 shares | Vests in five equal annual installments starting June 5, 2026; exercise price $51.95 | Granted June 5, 2025 under 2024 Plan |
| Ownership as % of shares outstanding (indicative) | ~0.072% (6,145 ÷ 8,545,223) | — | Based on FY2025 shares outstanding at 7/31/25 |
| Hedging/Pledging | Hedging and short sales prohibited; pledging prohibited except limited exceptions (non-controlled funds or loans with capacity to repay without resort to pledged shares) | — | Insider Trading Policy governs; applies to officers |
| Stock Ownership Guideline | 3x base salary for CFO; 5-year compliance window | Must hold net shares until guideline met; includes unvested time-based RS | — |
Upcoming vesting and potential selling pressure:
- First RS vest: June 5, 2026 (one-third) .
- First options tranche: June 5, 2026; options were out-of-the-money relative to April 30, 2025 closing price ($47.42 vs $51.95 strike), reducing near-term exercise pressure at that reference date .
Employment Terms
| Provision | Detail |
|---|---|
| Employment nature | At-will; either party may terminate at any time, with/without cause or notice |
| Severance (no cause or good reason) | 12 months base salary (lump sum or per agreement terms) |
| Change-in-Control (double trigger) | If terminated without cause or resigns for good reason within 6 months before to 12 months after a CIC: lump sum cash equal to 12 months base salary; all unvested restricted stock vests in full (subject to plan/award limits) |
| 280G/4999 treatment | Best-net approach with potential cutback to avoid excise tax if financially advantageous; order of reduction: cash then accelerated equity vesting (reverse grant order) |
| Non-compete | 12 months post-termination across CRMT territory (AL, AR, GA, KY, MS, MO, OK, TN, TX and adjacent described areas) for substantially similar duties in competitive businesses |
| Non-solicit | 12 months post-termination for customers and employees |
| Confidentiality/Trade secrets | Strict non-disclosure and confidentiality obligations; ownership of work product to company |
| Clawback | Subject to Company’s incentive compensation recoupment policy per SEC/Nasdaq Rule 10D-1; recovery of excess incentive comp following restatements |
| Stock plans | 2024 Equity Incentive Plan governs restricted shares and options |
Investment Implications
- Alignment: Collins’ initial equity mix emphasizes time-based RS (3-year) and long-dated options (5-year), aligning incentives with multi-year value creation; CFO ownership guideline at 3x salary with a 5-year window further reinforces alignment .
- Retention risk: Standard severance (12 months) and a double-trigger CIC (12 months + accelerated RS vesting) are moderate; one-year non-compete and non-solicit add retention protection; absence of tax gross-ups and presence of 280G best-net cutback are shareholder-friendly .
- Selling pressure: First RS vest in June 2026 and options vest beginning June 2026; options were underwater vs the April 30, 2025 close ($47.42) at $51.95 strike, tempering near-term exercise-driven selling risk at that historical reference point .
- Pay-for-performance: Participation in CRMT’s STI structure that uses EVA positivity, SG&A per customer, net customer growth, and collections per customer, plus an individual component, should link cash incentives to operating improvement; FY2026 minimum bonus guarantee (60% attainment) provides near-term certainty while preserving performance levers .
- Governance signals: Anti-hedging/pledging posture, clawback policy, and strong say-on-pay support (96.94% in 2024) indicate constructive governance; compensation committee notes limited formal base salary benchmarking due to industry size, suggesting bespoke structures aligned to CRMT’s lifecycle .