Summary
O'Reilly Automotive, Inc. (ORLY) filed an 8-K on May 24, 2006, to announce a significant executive leadership change. Tom McFall was appointed as the new Senior Vice President Finance and Chief Financial Officer (CFO), effective May 31, 2006. This appointment marks a transition for the company, with the outgoing CFO, Jim Batten, retaining the role of Treasurer to ensure a smooth handover and continue his involvement in investor relations and financial reporting. Mr. McFall brings substantial experience from the automotive aftermarket sector, having previously served as CFO for CSK Auto's Midwest Operation and holding various finance roles at Murray's Discount Auto Stores. His compensation package includes a base salary, performance-based bonus eligibility, and a stock option award, reflecting the company's investment in experienced financial leadership. The company emphasized McFall's industry expertise and Batten's continued contribution in a supporting role during this transition.
Key Highlights
- 1Appointment of Tom McFall as Senior Vice President Finance and Chief Financial Officer (CFO), effective May 31, 2006.
- 2Jim Batten will transition from CFO to Treasurer, retaining responsibilities in investor relations and financial reporting.
- 3Mr. McFall brings significant experience from CSK Auto and Murray's Discount Auto Stores in the automotive aftermarket industry.
- 4McFall's compensation includes a $200,000 annual base salary, eligibility for a 30% target bonus, and a 50,000 share stock option award.
- 5The company highlighted McFall's accounting background, including his CPA certification and prior experience with Ernst & Young.
- 6Jim Batten will remain involved to ensure a smooth transition and will eventually move to a less than full-time role.
- 7The filing incorporates a press release dated May 24, 2006, detailing the executive appointment.