by Mia Bevacqua
AutoNation – America’s largest automotive retailer – has stepped outside of the industry to find a new Chief Financial Officer. Last Friday, the company announced its new CFO will be Joseph Lower – a former executive at Office Depot. Lower served as Executive Vice President and Chief Financial Officer during his time with the office-supply chain.
Lower’s background in finance and business is extensive. He has 30 years of experience, including time spent as an executive at both B/E Aerospace, Inc. and The Boeing Company.
As for education, Lower holds a Master of Business Administration from the J.L. Kellogg Graduate School of Management at Northwestern University and a Bachelor of Science in Business Administration from the Indiana University School of Business.
“We are excited to have Joe join the AutoNation team. Joe is a seasoned financial professional, with a versatile background across multiple industries,” said Cheryl Miller, AutoNation CEO and President. “With his broad and extensive experience in financial management, business development and strategy, Joe will be a great addition to the executive team. We are pleased to have him on board as we continue to drive our sustainable, leadership position in the automotive retail industry.”
Lower will step in as CFO following Cheryl Miller’s departure from the position. Miller was recently promoted to CEO and President of the company.
According to Automotive News, Lower will receive a sign-on bonus of $1.15 million in cash. After his first day at AutoNation, he will receive a one-time restricted stock unit grant valued at $1.85 million. His base salary will be $750,000.
Furthermore, Lower will participate in AutoNation’s annual incentive compensation program, with a target award of 90 percent of his annual base salary. He will also receive 2020 restricted stock units valued at $1.8 million.