CEO Roger Penske was paid $8,771,209 in fiscal year 2025, ↓ down 0.1% from fiscal year 2024, the 1st percentile of its disclosed peer group (SEC filing 0001140361-26-010576 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$8,771,209 ↓ Roger Penske total, FY2025 | 1st CEO pay percentile vs peers | 147:1 CEO-to-median pay ratio | 99.08% Say-on-pay support, latest vote |
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PAG's next annual pay disclosure, estimated March 20, 2027.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Roger Penske | $1,750,000 | $0 | $6,000,000 | $0 | $0 | $0 | $1,021,209 | $8,771,209 |
| Chief Executive Officer | ||||||||
| Robert Kurnick Jr. | 1,000,000 | 0 | 1,500,000 | 0 | 0 | 0 | 338,247 | 2,838,247 |
| President | ||||||||
| Shane Spradlin | 770,000 | 475,000 | 750,000 | 0 | 0 | 0 | 171,615 | 2,166,615 |
| EVP, General Counsel & Secretary | ||||||||
| Shelley Hulgrave | 770,000 | 475,000 | 750,000 | 0 | 0 | 0 | 155,864 | 2,150,864 |
| EVP & Chief Financial Officer | ||||||||
| Bud Denker | 770,000 | 475,000 | 750,000 | 0 | 0 | 0 | 109,484 | 2,104,484 |
| EVP – Human Resources | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Roger Penske | $8,771,209 | $8,777,453 | $7,428,439 | ↓ −6,244 |
| Robert Kurnick Jr. | 2,838,247 | 2,729,753 | 2,141,405 | ↑ +108,494 |
| Shane Spradlin | 2,166,615 | 2,155,788 | 1,737,346 | ↑ +10,827 |
| Shelley Hulgrave | 2,150,864 | 2,131,346 | 1,544,060 | ↑ +19,518 |
| Bud Denker | 2,104,484 | 2,099,656 | 1,681,842 | ↑ +4,828 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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Each company listed discloses PAG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PAG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.
| Executive | Role | FY2025 total |
|---|---|---|
| Bud Denker | EVP | $2,104,484 |
| Robert Kurnick Jr. | President | $2,838,247 |
| Roger Penske | CEO | $8,771,209 |
| Shane Spradlin | General Counsel | $2,166,615 |
| Shelley Hulgrave | CFO | $2,150,864 |
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| David Hoogendoorn | Independent Director | $405,833 |
| Greg Penske | Director | $398,284 |
| Greg Smith | Independent Director | $455,000 |
| H. Brian Thompson | Lead Independent Director | $457,400 |
| John Barr | Independent Director | $78,333 |
| Kimberly McWaters | Independent Director | $424,241 |
| Lisa Davis | Independent Director | $369,122 |
| Michael Eisenson | Director | $430,000 |
| Ray Scott | Independent Director | $403,333 |
| Ronald Steinhart | Independent Director | $152,103 |
| Sandra Pierce | Independent Director | $447,750 |
| Wolfgang Dürheimer | Independent Director | $330,000 |
| Yosuke Kawakami | Director | — |
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Bud Denker | RSU | 2025-02-19 | — | — | 4,295 | — | $728,346 |
| Shane Spradlin | RSU | 2025-02-19 | — | — | 4,295 | — | 728,346 |
| Robert Kurnick Jr. | RSU | 2025-02-19 | — | — | 8,590 | — | 1,456,692 |
| Shelley Hulgrave | RSU | 2025-02-19 | — | — | 4,295 | — | 728,346 |
| Roger Penske | RSU | 2025-02-19 | — | — | 34,361 | — | 5,826,938 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Bud Denker | $728,346 | $0 | $0 | 0.0% |
| Shane Spradlin | 728,346 | 0 | 0 | 0.0% |
| Robert Kurnick Jr. | 1,456,692 | 0 | 0 | 0.0% |
| Shelley Hulgrave | 728,346 | 0 | 0 | 0.0% |
| Roger Penske | 5,826,938 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Bud Denker | RSU | 21,144 | — | $3,346,884 |
| Shane Spradlin | RSU | 21,144 | — | 3,346,884 |
| Penske | RSU | 179,977 | — | 28,488,559 |
| Penske | RSU | 101,327 | — | 16,635,867 |
| Shelley Hulgrave | RSU | 20,551 | — | 3,253,018 |
| Robert Kurnick Jr. | RSU | 39,064 | — | 6,183,441 |
| Robert Kurnick Jr. | RSU | 20,138 | — | 3,306,257 |
| Bud Denker | RSU | 10,410 | — | 1,709,114 |
| Shane Spradlin | RSU | 10,410 | — | 1,709,114 |
| Shelley Hulgrave | RSU | 4,907 | — | 805,631 |
The majority of executive and employee compensation is payable in cash in the short-term, comprised principally of salary and cash bonuses, to provide flexibility and reduce dilution. Long-term compensation is provided in the form of restricted stock awards to align management goals with stockholders and provide retention inducement.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-13 | 61,305,917 | 569,731 | 67,311 | 99.08% | Passed |
| 2025 | 2025-05-14 | 62,319,333 | 776,062 | 57,118 | 98.77% | Passed |
| 2024 | 2024-05-09 | 62,053,780 | 957,049 | 23,669 | 98.48% | Passed |
| 2023 | 2023-05-11 | 64,189,463 | 567,713 | 33,232 | 99.12% | Passed |
| 2022 | 2022-05-12 | 70,258,085 | 766,366 | 53,966 | 98.92% | Passed |
| 2021 | 2021-05-12 | 74,258,684 | 709,223 | 92,619 | 99.05% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-05-13 | 99.08%a |
| 2025 | 2025-05-14 | 98.77%b |
| 2024 | 2024-05-09 | 98.48%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 147 : 1 |
|---|---|
| CEO total compensation | $8,771,209 |
| Median employee compensation | — |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| H. Brian ThompsonIndependent · Lead Independent Director · BOD · Compensation Management Development Committee (Chair) · Nominating Corporate Governance Committee · Executive Committee | $105,000 | $250,000 | — | — | $102,400 | $457,400 |
| Greg SmithIndependent · BOD | 105,000 | 250,000 | — | — | 100,000 | 455,000 |
| Sandra PierceIndependent · BOD · Compensation Management Development Committee · Nominating Corporate Governance Committee | 60,000 | 250,000 | — | — | 137,750 | 447,750 |
| Michael EisensonNot independent · BOD · Executive Committee | 80,000 | 250,000 | — | — | 100,000 | 430,000 |
| Kimberly McWatersIndependent · BOD · Nominating Corporate Governance Committee (Chair) | 80,000 | 250,000 | — | — | 94,241 | 424,241 |
| David HoogendoornIndependent · BOD | 55,833 | 250,000 | — | — | 100,000 | 405,833 |
| Ray ScottIndependent · BOD · Compensation Management Development Committee | 53,333 | 250,000 | — | — | 100,000 | 403,333 |
| Greg PenskeEmployee director · Corporate Governance | 119,117 | 229,167 | — | — | 50,000 | 398,284 |
| Lisa DavisIndependent · BOD · Nominating Corporate Governance Committee | 63,333 | 250,000 | — | — | 55,789 | 369,122 |
| Wolfgang DürheimerIndependent · Compensation | 80,000 | 250,000 | — | — | 0 | 330,000 |
| Ronald SteinhartIndependent | 61,667 | 0 | — | — | 90,436 | 152,103 |
| John BarrIndependent | 28,333 | 0 | — | — | 50,000 | 78,333 |
| Robert Kurnick JrEmployee director · Executive | — | — | — | — | — | 0 |
| Roger PenskeEmployee director · Board Chair · BOD (Chair) · Executive Committee (Chair) | — | — | — | — | — | 0 |
| Yosuke KawakamiEmployee director · BOD | — | — | — | — | — | 0 |
| Annual cash retainer | $60,000 |
|---|---|
| Annual equity retainer | $250,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 15,000 / 15,000 |
| Stock ownership guideline | $600,000 |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $891,616 |
| Equity awards (grant-date value) | $2,479,167 |
| All other compensation | $980,616 |
| Total cost of the board | $4,351,399 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Penske Automotive Group names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Penske Automotive Group.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | AutoNation, Inc. | 2025 | Michael Manley | $1,425,000 | $28,064,546 | $0 | $4,647,956 | $34,391,069 |
| 2 | Lithia Motors, Inc. | 2025 | Bryan DeBoer | 1,300,000 | 10,736,203 | 0 | 3,783,000 | 15,895,468 |
| 3 | Sonic Automotive, Inc. | 2025 | David Bruton Smith | 1,737,276 | 3,979,216 | 0 | 5,646,147 | 11,830,626 |
| 4 | Asbury Automotive Group, Inc. | 2025 | David Hult | 1,300,000 | 6,999,971 | 0 | 2,404,350 | 10,735,903 |
| 5 | Penske Automotive Group | 2025 | Roger Penske | 1,750,000 | 6,000,000 | 0 | 0 | 8,771,209 |
| — | Group 1 Automotive, Inc. | — | — | — | — | — | — | not in coverage universe |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Penske Automotive Group | not disclosed | RSU 100 | not disclosed | not disclosed |
| Asbury Automotive Group, Inc. | not disclosed | not disclosed | not disclosed | Pay Governance |
| AutoNation, Inc. | 163% | PSU 60 · RSU 40 | Yes — Relative TSR | Meridian Compensation Partners, LLC |
| Group 1 Automotive, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Lithia Motors, Inc. | 194.0% | PSU 75 · RSU 25 | No | independent compensation consultant |
| Sonic Automotive, Inc. | not disclosed | RSU 100 | not disclosed | Willis Towers Watson |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Roger Penske | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Executive Compensation”. As printed: 8,771,209. Filing ↗machine: r3 · c19 · span 515587–515596 |
| 2 | Section 01, Robert Kurnick Jr. | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Executive Compensation”. As printed: 2,838,247. Filing ↗machine: r7 · c19 · span 529887–529896 |
| 3 | Section 01, Shane Spradlin | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Executive Compensation”. As printed: 2,166,615. Filing ↗machine: r19 · c19 · span 572657–572666 |
| 4 | Section 01, Shelley Hulgrave | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Executive Compensation”. As printed: 2,150,864. Filing ↗machine: r11 · c19 · span 544002–544011 |
| 5 | Section 01, Bud Denker | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Executive Compensation”. As printed: 2,104,484. Filing ↗machine: r15 · c19 · span 558530–558539 |
| 6 | Section 03, Bud Denker RSU | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 670181–670188 |
| 7 | Section 03, Shane Spradlin RSU | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 670181–670188 |
| 8 | Section 03, Robert Kurnick Jr. RSU | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 670181–670188 |
| 9 | Section 03, Shelley Hulgrave RSU | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 670181–670188 |
| 10 | Section 03, Roger Penske RSU | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 670181–670188 |
| 11 | Section 07, pay ratio | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “CEO Pay Ratio”. As printed: 147 : 1. Filing ↗machine: span 977968–977971 |
| 12 | Section 08, H. Brian Thompson | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 457,400. Filing ↗machine: span 1023883–1024063 |
| 13 | Section 08, Greg Smith | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 455,000. Filing ↗machine: span 1019207–1019388 |
| 14 | Section 08, Sandra Pierce | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 447,750. Filing ↗machine: span 1014503–1014684 |
| 15 | Section 08, Michael Eisenson | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 430,000. Filing ↗machine: span 1004917–1005098 |
| 16 | Section 08, Kimberly McWaters | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 424,241. Filing ↗machine: span 1009716–1009897 |
| 17 | Section 08, David Hoogendoorn | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 405,833. Filing ↗machine: span 1007299–1007480 |
| 18 | Section 08, Ray Scott | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 403,333. Filing ↗machine: span 1016877–1017058 |
| 19 | Section 08, Greg Penske | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 398,284. Filing ↗machine: span 1012132–1012313 |
| 20 | Section 08, Lisa Davis | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 369,122. Filing ↗machine: span 1000111–1000292 |
| 21 | Section 08, Wolfgang Dürheimer | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 330,000. Filing ↗machine: span 1002539–1002720 |
| 22 | Section 08, Ronald Steinhart | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 152,103. Filing ↗machine: span 1021670–1021851 |
| 23 | Section 08, John Barr | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 78,333. Filing ↗machine: span 997659–997882 |
| 24 | Section 08, Robert Kurnick Jr | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 25 | Section 08, Roger Penske | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 26 | Section 08, Yosuke Kawakami | DEF 14A | 2026-03-20 | 0001140361-26-010576 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 27 | Section 06, 2026 vote | Form 8-K | 2026-05-14 | 0001628280-26-035192 | Item 5.07 · say-on-pay result. As reported: 99.08% (votes for as printed: 61,305,917). Filing ↗ |
| 28 | Section 06, 2025 vote | Form 8-K | 2025-05-16 | 0001019849-25-000059 | Item 5.07 · say-on-pay result. As reported: 98.77% (votes for as printed: 62,319,333). Filing ↗ |
| 29 | Section 06, 2024 vote | Form 8-K | 2024-05-10 | 0001019849-24-000062 | Item 5.07 · say-on-pay result. As reported: 98.48% (votes for as printed: 62,053,780). Filing ↗ |
| 30 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 31 | Section 03b vehicle mix (computed) | Computed | — | — | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 32 | Section 09b board cost (computed) | Computed | — | — | Cash 891,616 + equity 2,479,167 + all other 980,616 = 4,351,399, summed across the director compensation table rows.machine: formula: Σ = 4,351,399 |
| 33 | AutoNation, Inc., Section 10b CEO total | DEF 14A | 2026-03-17 | 0001628280-26-018696 | CEO total compensation as printed in AutoNation, Inc.'s own proxy. As printed: 34,391,069. Filing ↗machine: span 461406–461416 |
| 34 | Lithia Motors, Inc., Section 10b CEO total | DEF 14A | 2026-03-11 | 0001023128-26-000026 | CEO total compensation as printed in Lithia Motors, Inc.'s own proxy. As printed: 15,895,468. Filing ↗machine: t94 · r2 · c7 · span 1572109–1572119 |
| 35 | Sonic Automotive, Inc., Section 10b CEO total | DEF 14A | 2026-03-06 | 0001628280-26-015631 | CEO total compensation as printed in Sonic Automotive, Inc.'s own proxy. As printed: 11,830,626. Filing ↗machine: span 432590–432600 |
| 36 | Asbury Automotive Group, Inc., Section 10b CEO total | DEF 14A | 2026-03-24 | 0001144980-26-000070 | CEO total compensation as printed in Asbury Automotive Group, Inc.'s own proxy. As printed: 10,735,903. Filing ↗machine: span 611375–611385 |
| 37 | Penske Automotive Group (subject), Section 10b CEO total | DEF 14A | 2026-03-20 | 0001140361-26-010576 | CEO total compensation as printed in Penske Automotive Group's own proxy. As printed: 8,771,209. Filing ↗machine: r3 · c19 · span 515587–515596 |
| 38 | Section 10a, Lithia Motors, Inc. reciprocity | DEF 14A | — | 0001023128-26-000026 | Lithia Motors, Inc. names Penske Automotive Group in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 39 | Section 10a, AutoNation, Inc. reciprocity | DEF 14A | — | 0001628280-26-018696 | AutoNation, Inc.'s most recent proxy was read; its disclosed peer group does not include Penske Automotive Group. Filing ↗ |
| 40 | Section 10a, Asbury Automotive Group, Inc. reciprocity | DEF 14A | — | 0001144980-26-000070 | Asbury Automotive Group, Inc. names Penske Automotive Group in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 41 | Section 10a, Sonic Automotive, Inc. reciprocity | DEF 14A | — | 0001628280-26-015631 | Sonic Automotive, Inc. names Penske Automotive Group in its own disclosed peer group (read from its most recent proxy). Filing ↗ |