Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
KAR Auction Services, Inc. (the "Company") previously announced the retirement
of the Company's Executive Vice President and Chief Financial Officer, Eric M.
Loughmiller, who retired effective December 31, 2022. On December 30, 2022, the
Company's Board of Directors appointed Scott A. Anderson to serve as the
Company's Interim Chief Financial Officer and principal financial officer,
effective January 1, 2023. Mr. Anderson will continue to serve as the Company's
Chief Accounting Officer and principal accounting officer.
Mr. Anderson, age 56, has been Chief Accounting Officer of the Company since
March 1, 2021. Previously, Mr. Anderson served as Vice President and Controller
of the Company from 2007 to February 2021, and as Controller of ADESA, Inc. from
2001 to 2007. Prior to joining the Company, Mr. Anderson served as senior
manager of assurance and business advisory services at PricewaterhouseCoopers
LLP from 1997 to 2001, and held various positions at PricewaterhouseCoopers LLP
from 1988 to 1997.
No compensation agreement or arrangement has been entered into with Mr. Anderson
in connection with his appointment. There are no arrangements or understandings
between Mr. Anderson and any other person pursuant to which he was appointed to
this position, and there are no family relationships between Mr. Anderson and
any director or executive officer of the Company. There are no transactions
involving Mr. Anderson that would be required to be reported under Item 404(a)
of Regulation S-K.
In connection with Eric M. Loughmiller's retirement and to assist in the
transition of the chief financial officer role, the Company and Mr. Loughmiller
intend to enter into a consulting agreement pursuant to which Mr. Loughmiller
will provide consulting services for up to six months for a fee of $5,000 per
month.
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