CarGurus Appoints Matthew Mandel as Chief Financial Officer

What Happened

• CarGurus, Inc. (CARG) filed an 8-K on September 3, 2026 announcing the appointment of Matthew Mandel as Chief Financial Officer and the company’s principal financial officer and principal accounting officer, effective October 19, 2026. Jason Trevisan will step down from his interim principal financial and accounting officer roles on that date but will remain CEO. The company furnished a press release announcing the appointment.

Key Details

• Start date: October 19, 2026; 8-K filed: September 3, 2026.
• Cash compensation: $450,000 annual base salary; eligible for the CarGurus Annual Incentive Plan with a target bonus up to $450,000 (2026 portion prorated).
• Sign-on and fees: $250,000 one-time sign-on bonus (50% within 60 days of start, 50% after six months); $15,000 one-time payment for legal fees. Repayment required if terminated for Cause or if he resigns without Good Reason within 12 months.
• Equity: $5,500,000 initial restricted stock unit (RSU) grant on the Start Date. Vesting: 25% after one year, then substantially equal installments each three months over the next three years; accelerated vesting if terminated without Cause or for Good Reason within 12 months after a Change of Control. First-year partial vesting schedule (if qualifying termination): 3 months = 6.25%; 6 months = 12.5%; 9 months = 18.75%.
• Severance: If terminated without Cause or if he leaves for Good Reason (and signs a release), he receives accrued pay plus a lump-sum equal to nine months’ base salary, any prior-year unpaid bonus, and nine months of COBRA premiums (paid within 60 days).
• Other terms: Section 280G “best net” tax cutback, one-year post-employment non-compete/non-solicit/confidentiality restrictions, standard invention assignment and indemnification agreement.

Why It Matters

• A permanent CFO appointment clarifies financial leadership at CarGurus and replaces the CEO’s interim oversight of finance functions.
• The compensation package combines significant equity (RSUs) with cash and severance protections, aligning the new CFO’s incentives with long-term performance while providing standard protections if employment ends.
• Investors should note the timing (effective Oct 19, 2026) and the sizeable equity grant when monitoring potential dilution and executive alignment; severance and sign-on repayment provisions limit downside to the company in certain termination scenarios.