CREDIT ACCEPTANCE CORP 8-K

What Happened

• Credit Acceptance Corporation announced that Jay D. Martin, its Chief Financial Officer and principal financial and accounting officer, will retire as an officer and employee effective July 27, 2026. Mr. Martin is expected to serve as a paid consultant/employee advisor through August 31, 2026 and will continue to receive his current annual compensation through that date.
• On June 8, 2026 the Board elected Joseph Billante (age 50) to succeed Mr. Martin as Chief Financial Officer effective July 27, 2026. Mr. Billante has more than 25 years of finance and executive leadership experience, including roles as CFO of Barracuda Networks, senior finance leadership at eBay (including CFO for eBay’s European and Greater China businesses), and finance roles at General Electric.

Key Details

• Retirement effective date: July 27, 2026; consulting role through August 31, 2026 with continued compensation through that date.
• Successor effective date: July 27, 2026 — Joseph Billante will serve as the Company’s principal financial officer and principal accounting officer.
• Compensation for Mr. Billante: $750,000 annual base salary, $300,000 one-time cash signing bonus, and a one-time grant of 26,223 Restricted Stock Units (19,667 Base RSUs + 6,556 Retirement RSUs) that vest over 10 years (annual vesting on each anniversary), grant effective July 27, 2026.
• The company furnished a press release dated June 10, 2026 announcing the appointment.

Why It Matters

• A CFO transition is a material leadership change that affects the company’s financial reporting and investor relations. Credit Acceptance has named an experienced public-company finance executive, which supports continuity in financial management.
• The multi-year RSU grant and signing bonus indicate the company’s intent to retain Mr. Billante long-term. The short consulting period for Mr. Martin should help with an orderly handover and continuity of reporting through the transition.
• There were no financial results or other transactions disclosed in this filing beyond the officer change and associated compensation.