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Upate 6:50pm: Adds RB Global comment.
Ann Fandozzi, the former chief executive officer of RB Global (NYSE:RBA), is disputing that she resigned as CEO earlier this month.
“Despite my willingness to continue good faith negotiations, my resignation was abruptly sought and a press release was issued to announce a successor,” Fandozzi wrote in a letter to RB shareholders on Monday. “And despite what the company has stated publicly, I did not resign from the Chief Executive Officer role.”
Fandozzi’s letter to holders comes amid a report from the WSJ on Monday that a number of RB Global’s largest shareholders have taken issue with the vehicle-marketplace company over the former CEO’s abrupt departure earlier this month.
In recent days, several large shareholders in RB Global (RBA), including Independent Franchise Partners and Beutel, Goodman & Co, have privately written to RB Global’s board to express their dismay about Fandozzi exiting the company, the WSJ said.
RB Global (RBA), formerly known as Ritchie Bros, announced in early August that Fandozzi had left the firm and would be replaced by Jim Kessler. RB Global said at the time that the departure was connected with a dispute over an executive pay package for the former CEO.
Fandozzi said in the letter to holders that the proposed compensation was comprised “entirely of performances-based stock and options” and that it was “entirely back-loaded vesting in years three through five.”
An RB Global (RBA) spokesperson responded to Fandozzi’s letter to shareholders.
“After not receiving the compensation package she desired, Ann Fandozzi informed the Board that she was resigning, the Board accepted her resignation and interpreted her subsequent conduct as affirmation of her resignation,” an RB spokesperson said in a email. “The Board appointed Jim Kessler as CEO reflecting the Board’s great confidence in him and the integral role he has had as President and COO in successfully driving RB Global’s transformation and all aspects of the IAA acquisition and integration.”
“RB Global benefits from an outstanding team, we are delivering robust results, as recently reported, and we are confident that our continued execution will lead to strong shareholder returns,” the RB spokesperson added.
