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    Peter J. Kelly

    Chief Executive Officer at Openlane Inc
    Since April 2021
    Age
    56 years
    Education
    Holds an Engineering degree from University College Dublin and an MBA from Stanford University.
    Tenure
    Joined the company in June 2013 as Chief Technology Officer, later served as President of Digital Services and President before becoming Chief Executive Officer in April 2021.

    Also at Openlane Inc

    BSL
    Brad S. Lakhia
    Executive Vice President, Chief Financial Officer
    CSC
    Charles S. Coleman
    Executive Vice President, Chief Legal Officer, and Secretary
    JPC
    James P. Coyle
    Executive Vice President, President, North American Marketplaces

    About

    Peter J. Kelly, who is 56 years old , has built a distinguished career in the automotive auction industry. Beginning with co-founding OPENLANE in 1999 and serving in various executive roles, he established a strong foundation in digital innovation and leadership.

    After OPENLANE became part of KAR Auction Services, he transitioned into roles that included Chief Technology Officer, President of Digital Services, and President, each contributing to the company's digital transformation.

    In April 2021, he was appointed Chief Executive Officer, a move that marked significant strategic shifts in the organization and propelled the company's evolution into a digital marketplace leader.

    Educated with an Engineering degree from University College Dublin and an MBA from Stanford University, he combines technical expertise with business acumen, which has been instrumental in driving innovation and strategic growth at KAR Auction Services.

    $KAR Performance Under Peter J. Kelly

    Past Roles

    OrganizationRoleDate RangeDetails
    KARPresident of the CompanyJanuary 2019 – March 2021Held the position before becoming CEO
    KARPresident of Digital ServicesDecember 2014 – January 2019Previous executive role
    KARChief Technology OfficerJune 2013 – January 2019Previous executive role
    OPENLANEPresident and Chief Executive OfficerFebruary 2011 – June 2013Executive leadership role
    OPENLANEPresident and Chief Financial OfficerFebruary 2010 – February 2011Executive financial role
    OPENLANECo-founder1999 – 2010Founded and served in various executive roles

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$773,000AnnualRemained unchanged from the prior year
    Automobile Allowance$25,000AnnualFixed allowance provided for automobile-related expenses
    401(k) Matching Contributions$4,757AnnualCompany's contributions to the 401(k) retirement plan
    Group Term Life Insurance Premiums$3,870AnnualPremium paid by the company for group term life insurance coverage

    Performance Compensation

    Data from  FY 2023

    Annual Incentive Program

    MetricThresholdTargetMaximumWeight
    Adjusted EBITDA$234 million $275 million $316 million 80%
    Cost Reduction$40 million $50 million $60 million 20%

    Payout Details:

    • Target Annual Incentive Award: $966,250
    • Actual Payout: $1,131,220 (117.1% of target)
    • Performance Achievements: 96.3% achievement for Adjusted EBITDA and 200% achievement for Cost Reduction
    • Payout Conditions: Awards range from 50% payout at threshold to 200% payout at maximum; no payout below threshold

    Long-Term Incentive Program

    ComponentDetail
    Performance MetricsCumulative Adjusted EBITDA (75% weight) and Relative TSR (25% weight)
    Relative TSR VestingBelow 30th percentile: 0%; at 30th: 50%; at 50th: 100%; at 70th or higher: 200%
    Grant DateFebruary 24, 2023
    Grant Date Fair Value$4,250,003
    Target PRSUs Granted300,566 PRSUs
    Vesting ScheduleVesting occurs at the end of the three-year measurement period (January 1, 2023 to December 31, 2025). No vesting if performance is below threshold

    Evaluation Period:

    • Annual Incentive Program: Assessed annually for 2023 performance.
    • Long-Term Incentive Program: Based on a three-year performance period from January 1, 2023, to December 31, 2025.

    These tables summarize the performance compensation components, performance metrics, targets, thresholds, maximum payouts, weights, vesting schedules, evaluation periods, and actual results leading to the payouts with exact dollar amounts and share quantities where available.