8-KLeadership ChangesExhibits & Filings

AUTOZONE INC 8-K Report, Executive Changes (Apr 21, 2006)

Filed April 21, 2006For Securities:AZO

Summary

AutoZone, Inc. (AZO) filed an 8-K on April 21, 2006, to announce a significant executive appointment. William T. Giles has been elected as the new Executive Vice President and Chief Financial Officer (CFO), effective April 19, 2006. Mr. Giles brings a strong financial background, having previously held similar senior finance roles at Linens 'n Things, Inc. since 2000. This appointment comes with a competitive compensation package, including a base salary, a signing bonus, and eligibility for annual bonuses and stock options, subject to board approval. The company is also providing relocation assistance for Mr. Giles. Investors should view this as a move to strengthen the company's financial leadership, with the compensation structure designed to attract and retain executive talent.

Key Highlights

  • 1William T. Giles appointed Executive Vice President and Chief Financial Officer (CFO) as of April 19, 2006.
  • 2Mr. Giles previously served as EVP and CFO of Linens 'n Things, Inc. since 2003 and in other senior finance roles there since 2000.
  • 3Base salary for Mr. Giles is $430,000 per year.
  • 4A signing bonus of $50,000 is included, payable in two installments.
  • 5Mr. Giles is eligible for an annual bonus target of 60% of his base salary.
  • 6Fiscal 2006 bonus payout is guaranteed at 100%, prorated for his tenure.
  • 7Potential for a 40,000 share stock option award, pending Compensation Committee approval.
  • 8Relocation support, including a home sale program up to $1.2 million, is provided.

Frequently Asked Questions

William T. Giles has been elected as the new Executive Vice President and Chief Financial Officer (CFO) of AutoZone, Inc., effective April 19, 2006.

Mr. Giles has significant financial leadership experience, having served as Executive Vice President and Chief Financial Officer of Linens 'n Things, Inc. since 2003, and in other senior finance roles at the same company from 2000 to 2003.

Mr. Giles will receive an annual salary of $430,000, a $50,000 signing bonus, eligibility for an annual bonus with a 60% target, a guaranteed prorated 100% bonus for fiscal 2006, and a potential stock option award of 40,000 shares, subject to board approval. He will also receive relocation assistance.

This 8-K filing reports the appointment of a key principal officer (CFO), which is a material event for the company and of interest to investors regarding the financial leadership and executive compensation.