8-KLeadership ChangesExhibits & Filings

AUTOZONE INC 8-K Report, Executive Changes (Jan 22, 2007)

Filed January 22, 2007For Securities:AZO

Summary

This Form 8-K filing by AutoZone, Inc. (AZO) on January 22, 2007, primarily reports on the departure of an officer, Bradley W. Bacon. Mr. Bacon resigned as an officer on January 16, 2007, and his employment will conclude on January 30, 2007. The company has entered into an agreement that includes continued base salary payments for 78 weeks, a pro-rata bonus for fiscal year 2007, and potential COBRA coverage cost assistance for the same period. The agreement also contains standard restrictive covenants, preventing Mr. Bacon from competing with AutoZone or soliciting its employees for the 78-week duration. Investors should note this is an executive transition event and does not appear to involve any immediate financial performance changes for the company, but rather details the terms of separation for a departing officer.

Key Highlights

  • 1Reported resignation of officer Bradley W. Bacon, effective January 16, 2007.
  • 2Employment termination date for Mr. Bacon is scheduled for January 30, 2007.
  • 3Separation agreement includes 78 weeks of continued base salary for Mr. Bacon.
  • 4Mr. Bacon is eligible to receive a pro-rata bonus for the 2007 fiscal year.
  • 5AutoZone will provide financial assistance for COBRA health insurance premiums for 78 weeks.
  • 6Agreement includes a non-compete clause preventing Mr. Bacon from competing with AutoZone for 78 weeks.
  • 7Non-solicitation clause prevents Mr. Bacon from hiring AutoZone employees during the 78-week period.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report the resignation of an officer, Bradley W. Bacon, and to detail the terms of his separation agreement with AutoZone, Inc.

Mr. Bacon will receive his current base salary for 78 weeks, a pro-rata bonus for fiscal year 2007, and financial assistance to cover the difference in health insurance premiums if he elects COBRA coverage for the 78-week period.

Yes, the agreement includes a non-compete clause and a non-solicitation clause. Mr. Bacon is restricted from competing with AutoZone or hiring any AutoZone employees for a period of 78 weeks following his departure.

No, this filing solely concerns the departure of an officer and the terms of his separation. It does not provide information on the company's financial performance, earnings, or outlook. It is an administrative event related to executive personnel.