Credit Acceptance Corporation
07/24/2026 | Press release | Distributed by Public on 07/24/2026 15:15
Management Change/Compensation (Form 8-K)
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 20, 2026, the Board of Directors of Credit Acceptance Corporation (referred to as the "Company," "Credit Acceptance," "we," "our" or "us") and Ravi Mohan, the Company's Chief Technology Officer, mutually agreed that Mr. Mohan would resign as Chief Technology Officer, effective August 14, 2026 (the "Effective Date") and separate from the Company on October 25, 2026.
In connection with Mr. Mohan's resignation, the Company and Mr. Mohan are expected to enter into a separation and advisory agreement pursuant to which, subject to his execution and non-revocation of a general release of claims, Mr. Mohan will retain the opportunity to vest in his restricted stock units and stock options scheduled to vest on October 24, 2026, and will receive a monthly consulting fee of $64,375 for an advisory services period from the Effective Date to February 14, 2027.
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