UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): | August 12, 2014 |
Group 1 Automotive, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware | 1-13461 | 76-0506313 |
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
800 Gessner, Suite 500, Houston, Texas | 77024 | |
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
Registrants telephone number, including area code: | 713-647-5700 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 12, 2014, the Board of Directors (the "Board") of Group 1 Automotive, Inc., a Delaware corporation (the "Company"), appointed MaryAnn Wright to its Board of Directors. Ms. Wright will serve as a Class III director and will fill the Board seat previously held by Mr. Lou Lataif, who retired from the Company's Board of Directors in May 2014.
A copy of the press release announcing Ms. Wright's appointment is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Ms. Wright has been appointed to serve on the nominating/governance committee and the audit committe of the Board. Ms. Wright will receive compensation for her service as a member of the Board that is consistent with the compensatory arrangements the Company has in place with its other non-employee directors. On August 12, 2014, Ms. Wright received a pro-rata award of restricted stock units valued at $42,795 (pro-rated from $110,000), which will vest on February 12, 2014 and will be settled in shares of the Company's common stock upon the termination of her membership on the Board. In the event that Ms. Wright's membership on the Board is terminated for any reason other than retirement, death or disability, she, for no consideration, will forfeit to the Company all of her unvested restricted stock units. Any unvested restricted stock units may not be sold or otherwise transferred.
Item 8.01 Other Events.
On August 13, 2014, the Company announced that the Board approved a second quarter cash dividend of $0.17 per share payable on September 16, 2014, to stockholders of record on September 2, 2014.
A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference..
Item 9.01 Financial Statements and Exhibits.
99.1 Press release of Group 1 Automotive, Inc., dated as of August 12, 2014.
99.2 Press release of Group 1 Automotive, Inc., dated as of August 13, 2014.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Group 1 Automotive, Inc. | ||||
August 15, 2014 | By: |
/s/ John C. Rickel
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Name: John C. Rickel | ||||
Title: Senior Vice President |
Exhibit Index
Exhibit No. | Description | |
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99.1
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Press release of Group 1 Automotive, Inc., dated as of August 12, 2014. | |
99.2
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Press release of Group 1 Automotive, Inc., dated as of August 13, 2014. |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Group 1 Automotive Appoints Johnson Controls Executive to Board of Directors
HOUSTON, August 12, 2014 Group 1 Automotive, Inc. (NYSE: GPI), an international, Fortune 500 automotive retailer, today announced the appointment of MaryAnn Wright to its Board of Directors. Ms. Wright currently serves as the Vice President of Engineering and Product Development for the Power Solutions division of Johnson Controls Incorporated. She will replace Lou Lataif, former Ford Motor Company executive and longtime Dean of Boston University Business School, who retired from Group 1s Board of Directors this past May.
We are very excited to have someone with MaryAnns extensive, global automotive experience on our Board. She has a great understanding of our industry and has worked for truly world class organizations during her career, said Earl Hesterberg, Group 1s president and chief executive officer. MaryAnn brings a unique skill set to our Board with her engineering and technology background as well as experience in working in different cultures and markets around the world, added Group 1s chairman, John L. Adams.
In her current role, MaryAnn works with the worlds leading automotive manufacturers in the area of energy storage solutions and a variety of advanced powertrain technologies. Prior to joining Johnson Controls, Ms. Wright served as the Executive Vice President of Engineering, Product Development, Commercial and Program Management at automotive parts supplier, Collins & Aikman Corporation; and served as Director of Sustainable Mobility Technologies and Hybrid Vehicle Programs at Ford Motor Company.
Ms. Wright has been recognized on numerous occasions for her accomplishments within the auto industry, including being named by Automotive News as one of the Leading 100 Women in the Automotive Industry and by the Wall Street Journal as one of the Top 50 Women to Watch. She holds a BA in Economics and International Business from the University of Michigan, a Master of Science in Engineering from the University of Michigan, and an MBA from Wayne State University.
About Group 1 Automotive, Inc.
Group 1 owns and operates 152 automotive dealerships, 194 franchises, and 38 collision
centers in the United States, the United Kingdom and Brazil that offer 34 brands of
automobiles. Through its dealerships, the Company sells new and used cars and light trucks;
arranges related vehicle financing; sells service and insurance contracts; provides automotive
maintenance and repair services; and sells vehicle parts.
Group 1 Automotive can be reached on the Internet at www.group1auto.com.
This press release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which are statements related to future, not past, events
and are based on our current expectations and assumptions regarding our business, the economy and
other future conditions. In this context, the forward-looking statements often include statements
regarding our goals, plans, projections and guidance regarding our financial position, results of
operations, market position, pending and potential future acquisitions and business strategy, and
often contain words such as expects, anticipates, intends, plans, believes, seeks,
should, foresee, may or will and similar expressions. While management believes that these
forward-looking statements are reasonable as and when made, there can be no assurance that future
developments affecting us will be those that we anticipate. Any such forward-looking statements are
not assurances of future performance and involve risks and uncertainties that may cause actual
results to differ materially from those set forth in the statements. These risks and uncertainties
include, among other things, (a) general economic and business conditions, (b) the level of
manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an
inventory of desirable new and used vehicles, (e) our relationship with our automobile
manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of
financing and the availability of credit for consumers, (g) our ability to complete acquisitions
and dispositions and the risks associated therewith, (h) foreign exchange controls and currency
fluctuations, and (i) our ability to retain key personnel. For additional information regarding
known material factors that could cause our actual results to differ from our projected results,
please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof. We undertake no obligation to
publicly update or revise any forward-looking statements after the date they are made, whether as a
result of new information, future events or otherwise.
SOURCE: Group 1 Automotive, Inc.
Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com
Media contacts:
Pete DeLongchamps
V.P. Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com
Exhibit 99.2
FOR IMMEDIATE RELEASE
Group 1 Automotive Declares A Quarterly Cash Dividend
HOUSTON, August 13, 2014 Group 1 Automotive, Inc. (NYSE: GPI), an international, Fortune 500 automotive retailer, today announced that its board of directors declared a cash dividend of $0.17 per share for the second quarter of 2014. The dividend will be payable on September 16, 2014, to stockholders of record as of September 2, 2014.
About Group 1 Automotive, Inc.
Group 1 owns and operates 152 automotive dealerships, 194 franchises, and 38 collision
centers in the United States, the United Kingdom and Brazil that offer 34 brands of
automobiles. Through its dealerships, the Company sells new and used cars and light trucks;
arranges related vehicle financing; sells service and insurance contracts; provides automotive
maintenance and repair services; and sells vehicle parts.
Group 1 Automotive can be reached on the Internet at www.group1auto.com.
This press release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which are statements related to future, not past, events
and are based on our current expectations and assumptions regarding our business, the economy and
other future conditions. In this context, the forward-looking statements often include statements
regarding our goals, plans, projections and guidance regarding our financial position, results of
operations, market position, pending and potential future acquisitions and business strategy, and
often contain words such as expects, anticipates, intends, plans, believes, seeks,
should, foresee, may or will and similar expressions. While management believes that these
forward-looking statements are reasonable as and when made, there can be no assurance that future
developments affecting us will be those that we anticipate. Any such forward-looking statements are
not assurances of future performance and involve risks and uncertainties that may cause actual
results to differ materially from those set forth in the statements. These risks and uncertainties
include, among other things, (a) general economic and business conditions, (b) the level of
manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an
inventory of desirable new and used vehicles, (e) our relationship with our automobile
manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of
financing and the availability of credit for consumers, (g) our ability to complete acquisitions
and dispositions and the risks associated therewith, (h) foreign exchange controls and currency
fluctuations, and (i) our ability to retain key personnel. For additional information regarding
known material factors that could cause our actual results to differ from our projected results,
please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof. We undertake no obligation to
publicly update or revise any forward-looking statements after the date they are made, whether as a
result of new information, future events or otherwise.
SOURCE: Group 1 Automotive, Inc.
Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com
Media contacts:
Pete DeLongchamps
V.P. Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com