8-K: Cars.com Inc. Appoints Lisa Gosselin as Chief Commercial Officer, Doug Miller Departs

Cars.com Inc. announces the appointment of Lisa Gosselin as Chief Commercial Officer, succeeding Doug Miller, effective February 24, 2025.

Summary

• Cars.com Inc. is reporting the departure of Doug Miller, President and Chief Commercial Officer, effective March 31, 2025.
• Lisa Gosselin has been appointed as the new Chief Commercial Officer, effective February 24, 2025.
• Ms. Gosselin brings over 25 years of commercial leadership experience in SaaS, adtech, and data.
• She previously served as Chief Revenue Officer at Numerator and held senior positions at Epsilon Data Management and Catalina Marketing Corporation.
• Ms. Gosselin will receive an annual base salary of $450,000 and is eligible for a short-term incentive bonus plan at a target level of 110% of her base salary.
• She is also eligible for other compensation and benefit plans available to the company's executive officers.
• The company will recommend an annual equity award with a target of 350% of her annual base salary, valued at $1,575,000, comprised of 50% performance share units (PSUs) and 50% restricted stock units (RSUs).
• A one-time new hire grant of RSUs with an aggregate grant date value of $300,000 will also be granted, vesting in three equal annual installments.

Sentiment

Score: 7

Explanation: The announcement is generally positive, highlighting the appointment of a new Chief Commercial Officer with a strong background. The departure of the previous officer is acknowledged, but the focus is on the future and the potential for growth under new leadership.

Positives

• Lisa Gosselin brings over 25 years of commercial leadership experience to Cars.com Inc.
• Gosselin's experience includes leadership roles at Numerator, Epsilon Data Management, and Catalina Marketing Corporation.
• Her appointment is expected to accelerate the company's platform and growth strategy.
• Gosselin has a proven track record of accelerating organic revenue growth and transforming go-to-market strategies.

Negatives

• The departure of Doug Miller as President and Chief Commercial Officer may create a temporary disruption.
• The company will incur costs associated with the transition and onboarding of the new Chief Commercial Officer.

Risks

• The success of Lisa Gosselin in her new role is dependent on her ability to integrate into the company and execute the growth strategy.
• The company's performance is subject to broader economic conditions and trends in the automotive industry.
• Failure to achieve the performance measures associated with the PSUs could impact Ms. Gosselin's compensation.

Future Outlook

The company expects Lisa Gosselin to drive revenue growth and create long-term value for dealers, OEMs, and commercial partners.

Management Comments

• Alex Vetter, CEO of Cars Commerce, stated that Lisa Gosselin is a transformative leader who has built high-performing go-to-market teams and created proven strategies to deliver topand bottom-line growth.
• Lisa Gosselin stated that she looks forward to deepening the partnerships with customers to drive efficiency, profitability, and impactful outcomes for their businesses.

Industry Context

The appointment of Lisa Gosselin reflects a broader trend in the automotive industry of focusing on data-driven marketing and technology solutions to enhance the customer experience and drive growth.

Comparison to Industry Standards

• Executive compensation packages in the SaaS and adtech industries often include a mix of base salary, performance-based bonuses, and equity awards.
• Lisa Gosselin's compensation package appears to be competitive with industry standards for Chief Commercial Officers at similar-sized companies.
• Her previous role as Chief Revenue Officer at Numerator, a Bain Capital-backed firm, suggests a strong track record of success in the data and technology space.

Management Changes

Stakeholder Impact

• Shareholders may react positively to the appointment of a new Chief Commercial Officer with a strong track record.
• Employees in the sales and marketing departments will be directly impacted by the change in leadership.
• Customers and partners may benefit from the company's renewed focus on go-to-market strategy and customer experience.

Next Steps

• Lisa Gosselin will assume her responsibilities as Chief Commercial Officer effective February 24, 2025.
• The Compensation Committee will approve the equity grants for Lisa Gosselin within the first 30 days of her employment.
• Doug Miller will assist with the transition of his responsibilities until March 14, 2025.

Key Dates