Mike Jackson and Michael Maroone are officially signed up for another three years heading the nation's largest automotive retailer. But they didn't negotiate very hard for salary increases.
At a board meeting in Nashville in late July, the two leaders of AutoNation renewed contracts that were to expire soon.
CEO Jackson, 64, has a new contract that runs through September 2016. He will continue to be paid the same base salary of $1.15 million that he has been getting since 2002. COO Maroone, 59, has a new contract that runs through December 2016. He will continue to be paid the same base salary of $1 million that he has been getting since 2004.
Bonus and stock-option provisions of the contracts also remain unchanged. The new agreement will keep Jackson on board at AutoNation past traditional retirement age. Jackson has said he's following Roger Penske's lead to set his own retirement pace. Penske, 76, is CEO of Penske Automotive Group.