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Item 8.01. Other Events.
On June 15, 2020, CDK Global, Inc. (the “Company”) announced a plan to create the position of Chief Operating Officer with responsibility over all sales, business unit and customer experience teams within its CDK North America operating group. The Company also announced that the Company’s Board of Directors (the “Board”) intends to appoint Joe Tautges, the Company’s Chief Financial Officer, as the new Chief Operating Officer. Mr. Tautges will continue to serve as the Company’s Chief Financial Officer until the Board identifies and appoints a successor Chief Financial Officer.
A copy of the Company's announcement is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference herein.
Safe Harbor for Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact including, but not limited to, statements regarding the Company’s appointment of a new Chief Operating Officer and its succession plan for the Chief Financial Officer position; other plans; objectives; forecasts; goals; beliefs; business strategies; future events; business conditions; results of operations; financial position and business outlook and trends; and other information, may be forward-looking statements. Words such as “might,” “will,” “may,” “could,” “should,” “estimates,” “expects,” “continues,” “contemplates,” “anticipates,” “projects,” “plans,” “potential,” “predicts,” “intends,” “believes,” “forecasts,” “future,” “assumes,” and variations of such words or similar expressions are intended to identify forward-looking statements. These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed, or implied by, these forward-looking statements.
Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include: the Company’s expectations regarding the potential impacts on the Company’s business of the outbreak of the COVID-19 pandemic; the Company’s success in obtaining, retaining and selling additional services to customers; the pricing of the Company’s products and services; overall market and economic conditions, including interest rate and foreign currency trends, and technology trends; adverse global economic conditions and credit markets and volatility in the countries in which we do business; auto sales and related industry changes; competitive conditions; changes in regulation; changes in technology, security breaches, interruptions, failures and other errors involving the Company’s systems; availability of skilled technical employees/labor/personnel; the impact of new acquisitions and divestitures; employment and wage levels; availability of capital for the payment of debt service obligations or dividends or the repurchase of shares; any changes to the Company’s credit ratings and the impact of such changes on financing costs, rates, terms, debt service obligations, access to capital market and working capital needs; the impact of the Company’s indebtedness, access to cash and financing, and ability to secure financing, or financing at attractive rates; the onset of or developments in litigation involving contract, intellectual property, competition, shareholder, and other matters, and governmental investigations; and the ability of the Company’s significant stockholders and their affiliates to significantly influence the Company’s decisions or cause it to incur significant costs.
There may be other factors that may cause the Company’s actual results, performance or achievements to differ materially from those expressed in, or implied by, the forward-looking statements. The Company gives no assurances that any of the events anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on its results of operations and financial condition. You should carefully read the factors described in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including those discussed under “Part I, Item 1A. Risk Factors” in its most recent Annual Report on Form 10-K and its most recent Quarterly Report on Form 10-Q for a description of certain risks that could, among other things, cause the Company’s actual results to differ from any forward-looking statements contained herein. These filings can be found on the Company’s website at https://investors.cdkglobal.com and the SEC's website at www.sec.gov.
All forward-looking statements speak only as of the date of this Current Report on Form 8-K even if subsequently made available by the Company on its website or otherwise. The Company disclaims any obligation to update or revise any forward-looking statements that may be made to reflect new information or future events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.
Item 9.01. Financial Statements and Exhibits.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: June 15, 2020||CDK Global, Inc.|
|By:||/s/ Joseph A. Tautges|
|Joseph A. Tautges|
|Executive Vice President, Chief Financial Officer (principal financial officer)|
CDK GLOBAL TO CREATE CHIEF OPERATING OFFICER ROLE
CFO JOE TAUTGES WILL ASSUME ROLE UPON APPOINTMENT OF CFO SUCCESSOR
HOFFMAN ESTATES, Ill. – June 15, 2020 – CDK Global, Inc. (Nasdaq: CDK), a leading retail automotive technology company, today announced its intention to create a chief operating officer (COO) role to better align functions and improve the overall effectiveness of the company's North American business. The COO role will bring together the North America Sales and Customer Experience teams, as well as the DMS, CRM, Layered Applications, and Portfolio Business Units, to ensure the accountability and execution of a coordinated and focused plan.
Joe Tautges, executive vice president (EVP) and chief financial officer (CFO), will assume the COO position effective upon appointing a successor to the CFO role.
“Adding this critical role will help us drive further our strategy for growth and continue our commitments to delivering the best support to our customers,” said Brian Krzanich, president and chief executive officer, CDK Global. “In his more than three years at CDK, Joe has made tremendous contributions both inside and outside the Finance area, which makes him the ideal leader to assume this position. Joe brings strong financial acumen, in-depth knowledge of both the automotive and technology industries, and a keen ability to drive our top-line growth, as well as manage the bottom line. I am confident in his ability to build on our momentum and carry us forward into the future.”
Tautges joined CDK Global in 2017 from Hewlett Packard Enterprise. An internal and external search for a new CFO has already begun.
About CDK Global, Inc.
With $2 billion in revenues, CDK Global (Nasdaq: CDK) is a leading global provider of integrated information technology solutions to the automotive retail and adjacent industries. Focused on enabling end-to-end automotive commerce, CDK Global provides solutions to dealers in more than 100 countries around the world, serving approximately 30,000 retail locations and most automotive manufacturers. CDK solutions automate and integrate all parts of the dealership and buying process, including the acquisition, sale, financing, insuring, parts supply, repair, and maintenance of vehicles. Visit cdkglobal.com.
Senior Director, Corporate Communications
Director, Investor Relations