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Upate 6:50pm: Provides RB International remark.
Ann Fandozzi, the previous chief govt officer of RB International (NYSE:RBA), is disputing that she resigned as CEO earlier this month.
“Regardless of my willingness to proceed good religion negotiations, my resignation was abruptly sought and a press launch was issued to announce a successor,” Fandozzi wrote in a letter to RB shareholders on Monday. “And regardless of what the corporate has acknowledged publicly, I didn’t resign from the Chief Govt Officer position.”
Fandozzi’s letter to holders comes amid a report from the WSJ on Monday that a variety of RB International’s largest shareholders have taken issue with the vehicle-marketplace company over the previous CEO’s abrupt departure earlier this month.
In current days, a number of giant shareholders in RB International (RBA), together with Unbiased Franchise Companions and Beutel, Goodman & Co, have privately written to RB International’s board to specific their dismay about Fandozzi exiting the corporate, the WSJ mentioned.
RB International (RBA), previously often known as Ritchie Bros, introduced in early August that Fandozzi had left the firm and would get replaced by Jim Kessler. RB International mentioned on the time that the departure was linked with a dispute over an executive pay package for the former CEO.
Fandozzi mentioned within the letter to holders that the proposed compensation was comprised “solely of performances-based inventory and choices” and that it was “solely back-loaded vesting in years three by 5.”
An RB International (RBA) spokesperson responded to Fandozzi’s letter to shareholders.
“After not receiving the compensation bundle she desired, Ann Fandozzi knowledgeable the Board that she was resigning, the Board accepted her resignation and interpreted her subsequent conduct as affirmation of her resignation,” an RB spokesperson mentioned in a e mail. “The Board appointed Jim Kessler as CEO reflecting the Board’s nice confidence in him and the integral position he has had as President and COO in efficiently driving RB International’s transformation and all facets of the IAA acquisition and integration.”
“RB International advantages from an excellent workforce, we’re delivering sturdy outcomes, as just lately reported, and we’re assured that our continued execution will result in sturdy shareholder returns,” the RB spokesperson added.