8-KLeadership ChangesExhibits & Filings

COPART INC 8-K Report, Executive Changes (Feb 17, 2010)

Filed February 17, 2010For Securities:CPRT

Summary

Copart, Inc. (CPRT) filed an 8-K on February 17, 2010, to report significant changes in its executive leadership. Willis J. Johnson, who previously held the dual roles of Chairman and CEO, has stepped down as CEO but will continue to serve as Chairman and remain an Executive Officer. This transition marks a shift in day-to-day operational leadership. Taking the helm as the new Chief Executive Officer is A. Jayson Adair, who was formerly the President of the company. Vincent W. Mitz has been appointed as the new President. These changes, effective February 12, 2010, are accompanied by adjustments to Mr. Mitz's compensation, including a base salary increase and a stock option grant. Mr. Adair is noted as Mr. Johnson's son-in-law, which may be a point of interest for investors regarding succession planning and potential related-party dynamics.

Key Highlights

  • 1Willis J. Johnson has resigned as CEO of Copart, Inc., effective February 12, 2010, but will continue as Chairman of the Board and an Executive Officer.
  • 2A. Jayson Adair, formerly President, has been appointed as the new Chief Executive Officer.
  • 3Vincent W. Mitz, previously Executive Vice President, has been appointed as the new President.
  • 4Vincent W. Mitz's annual base salary has been increased from $400,000 to $600,000.
  • 5Vincent W. Mitz has been granted an option to acquire 100,000 shares of Copart's Common Stock.
  • 6The stock option grant to Mr. Mitz is subject to an exercise price determined by the closing price of the common stock on the second full trading day after the company announces its Q4 2010 operating results.
  • 7No changes in compensation were made for Mr. Johnson or Mr. Adair in connection with these executive changes.

Frequently Asked Questions

The main leadership changes involve Willis J. Johnson stepping down as CEO to remain as Chairman and Executive Officer, A. Jayson Adair being promoted from President to CEO, and Vincent W. Mitz moving from Executive Vice President to President.

Vincent W. Mitz received an increase in his annual base salary from $400,000 to $600,000 and was granted an option to purchase 100,000 shares of common stock. No compensation changes were reported for Mr. Johnson or Mr. Adair.

Yes, A. Jayson Adair, the new CEO, is the son-in-law of Willis J. Johnson, the outgoing CEO and continuing Chairman.

The executive changes reported in this 8-K were effective as of February 12, 2010.