Credit Acceptance (CACC) hires Joe Billante as CFO as Jay Martin retires
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Credit Acceptance Corporation announced a planned chief financial officer transition. Long-time CFO Jay Martin will retire as an officer and employee effective July 27, 2026, after 23 years with the company, and will remain as an employee advisor through August 31, 2026 on his current compensation.
The board appointed Joe Billante, age 50, as the new CFO effective July 27, 2026, making him the company’s principal financial and accounting officer. His compensation package includes a base salary of $750,000, a one-time signing bonus of $300,000, and a one-time grant of 26,223 Restricted Stock Units that vest annually over 10 years, aligning his interests with long-term company performance.
Positive
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Negative
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Insights
Planned CFO succession with long overlap looks orderly and structured.
The company outlines a clear succession from long-serving CFO Jay Martin to incoming CFO Joe Billante, with specific effective dates and an advisory period through August 31, 2026. This suggests an organized handoff rather than an abrupt change.
Billante’s background at Barracuda Networks, eBay, and GE indicates broad finance and capital markets experience, which may support the company’s data-driven and technology-focused ambitions as described in the release. His pay mix of salary, cash bonus, and 26,223 RSUs vesting over 10 years ties a substantial portion of compensation to long-term company performance.
The 10-year vesting schedule and continued involvement of Martin during Q2 earnings and through late August 2026 provide continuity during the transition. Future company filings and earnings communications will show how Billante’s leadership influences financial strategy and investor relations, but this disclosure itself remains largely neutral in immediate financial impact.
8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Martin retirement date: July 27, 2026
Advisory period end: August 31, 2026
Billante base salary: $750,000 per year
+5 more
8 metrics
Martin retirement date
July 27, 2026
Effective date of Jay Martin’s retirement as officer and employee
Advisory period end
August 31, 2026
End date for Jay Martin’s role as employee advisor
Billante base salary
$750,000 per year
Annual base salary as Chief Financial Officer
Signing bonus
$300,000
One-time cash signing bonus for new CFO
Total RSU grant
26,223 RSUs
One-time Restricted Stock Unit grant vesting over 10 years
Base RSUs portion
19,667 RSUs
Base Restricted Stock Units within total RSU grant
Retirement RSUs portion
6,556 RSUs
Retirement Restricted Stock Units within total RSU grant
Incoming CFO age
50 years
Age of Joe Billante at time of appointment
Key Terms
Restricted Stock Units, Retirement Restricted Stock Units, Incentive Compensation Plan, Regulation FD Disclosure, +1 more
5 terms
Restricted Stock Units financial
"a one-time grant of 26,223 Restricted Stock Units (comprising 19,667 Base Restricted Stock Units..."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Retirement Restricted Stock Units financial
"6,556 Retirement Restricted Stock Units (as such terms are defined in the award agreement)..."
Incentive Compensation Plan financial
"pursuant to the Credit Acceptance Corporation Amended and Restated Incentive Compensation Plan, as amended."
An incentive compensation plan is a formal program that rewards employees and executives with bonuses, stock, or other payments tied to specific performance goals—such as revenue, profit, productivity, or long‑term share price. Investors watch these plans because they shape how leaders make decisions and take risks; like paying a coach by wins rather than effort, well‑designed plans can drive sustainable growth while poor designs can encourage short‑term behaviors that harm shareholder value.
Regulation FD Disclosure regulatory
"Item 7.01 Regulation FD Disclosure. On June 10, 2026, the Company issued a press release..."
Regulation FD disclosure requires public companies to share important, market-moving information with everyone at the same time instead of tipping off analysts or large investors first. Think of it as making sure all players on a field hear the same announcement simultaneously; that fairness helps investors trust that stock prices reflect the same information and reduces the risk of sudden, unfair trading advantages or regulatory penalties for selective leaks.
forward-looking statements regulatory
"We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995..."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 5, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||||||||
Registrant’s telephone number, including area code: (248 ) 353-2700
Not Applicable | ||||||||
(Former name or former address, if changed since last report.) | ||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 5, 2026, Jay D. Martin, Chief Financial Officer of Credit Acceptance Corporation (referred to as the “Company,” “Credit Acceptance,” “we,” “our” or “us”) and, as such, the Company’s principal financial officer and principal accounting officer, informed the Company that he has decided to retire as an officer and employee of the Company effective July 27, 2026. The Company expects that Mr. Martin will serve in a consulting capacity as an employee advisor to the Company following his retirement date until August 31, 2026. As such, Mr. Martin will continue to receive compensation consistent with his current rate of annual compensation through August 31, 2026.
On June 8, 2026, the board of directors of the Company (the “Board”) elected and appointed Joseph Billante to succeed Mr. Martin as the Company’s Chief Financial Officer effective July 27, 2026. In his capacity as Chief Financial Officer, Mr. Billante will be the Company’s principal financial officer and principal accounting officer.
Mr. Billante, age 50, served as Chief Financial Officer of Barracuda Networks, Inc., a cybersecurity and data protection company, where he led global finance operations, and before that held various senior finance and business leadership positions at eBay Inc., a global e-commerce company, including serving as Chief Financial Officer for eBay’s European and Greater China businesses and as Vice President of Investor Relations and Communications, and earlier in his career held finance leadership roles at General Electric Company, including serving as Chief Financial Officer of a global division of GE Healthcare, a healthcare technology and services business (collectively reflecting more than 25 years of executive leadership and finance experience). The Board has approved the following compensation for Mr. Billante as the Company’s Chief Financial Officer: an annual base salary of $750,000, a one-time cash signing bonus of $300,000, and a one-time grant of 26,223 Restricted Stock Units (comprising 19,667 Base Restricted Stock Units and 6,556 Retirement Restricted Stock Units (as such terms are defined in the award agreement) that will vest over a period of 10 years on each of the ten anniversaries of the grant date, subject to continuous employment through the relevant vesting date. The grant will be made effective July 27, 2026, pursuant to the Credit Acceptance Corporation Amended and Restated Incentive Compensation Plan, as amended.
Item 7.01 Regulation FD Disclosure.
On June 10, 2026, the Company issued a press release relating to Mr. Billante’s election and appointment to succeed Mr. Martin as our Chief Financial Officer. A copy of the press release is furnished pursuant to Item 7.01 of Form 8‑K as Exhibit 99.1 to this report.
The information furnished in this report pursuant to Item 7.01 of Form 8-K, including Exhibit 99.1 to this report, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||||||||
99.1 | Press release dated June 10, 2026. | |||||||||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||||||||
Forward-Looking Statements
We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all of our forward-looking statements. Statements in this report that are not historical facts, such as those using terms like “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “assume,” “forecast,” “estimate,” “intend,” “plan,” “target,” or similar expressions, and those regarding our future results, plans, and objectives, are “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this report. Actual results could differ materially from these forward-looking statements since the statements are based on our current expectations, which are subject to risks and uncertainties. Factors that might cause such a difference include, but are not limited to, the factors set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on February 13, 2026, and other risk factors discussed or listed from time to time in our reports filed with the SEC. We do not undertake, and expressly disclaim any obligation, to update or alter our statements, whether as a result of new information or future events or otherwise, except as required by applicable law.
SIGNATURES
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.
| CREDIT ACCEPTANCE CORPORATION | |||||||||||
| Date: June 10, 2026 | By: | /s/ Erin J. Kerber | |||||||||
| Erin J. Kerber | |||||||||||
| Chief Legal Officer, Chief Compliance Officer and Secretary | |||||||||||
Exhibit 99.1
CREDIT ACCEPTANCE ANNOUNCES APPOINTMENT OF JOE BILLANTE AS CHIEF FINANCIAL OFFICER; JAY MARTIN TO RETIRE AFTER MORE THAN TWO DECADES OF SERVICE
Southfield, Michigan – June 10, 2026 – Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”), a leading financial services company enabling automobile dealers to sell vehicles to consumers regardless of credit history, today announced the appointment of Joe Billante as Chief Financial Officer, effective July 27, 2026. Mr. Billante succeeds Jay Martin, who will retire on July 27 after 23 years of distinguished service to Credit Acceptance.
Joe Billante brings more than 25 years of executive leadership and finance experience across public company, private equity, and high-growth environments. Most recently, Mr. Billante served as Chief Financial Officer of Barracuda Networks, where he led global finance operations through a period of significant strategic transformation. Prior to that, he spent 13 years at eBay in a series of increasingly senior finance and business leadership roles, including CFO for eBay's core European and Greater China businesses, and Vice President of Investor Relations and Communications—where he managed the company's relationships with institutional investors, buy-side analysts, and shareholders, and led eBay's first Investor Day in nearly a decade. Before eBay, Mr. Billante spent 11 years at General Electric, including serving as CFO of a global division of GE Healthcare.
"We are thrilled to welcome Joe to Credit Acceptance," said Vinayak Hegde, Chief Executive Officer. "Joe brings exceptional breadth—from deep operational finance experience at GE, to navigating complex investor and capital markets situations at eBay, to leading a full finance organization as CFO of Barracuda. As we continue building a more data-driven, customer-focused, and technology-enabled company, Joe's background as a true strategic partner—connecting financial discipline to long-term value creation—makes him exactly the right leader for this next chapter. We are confident he will be an outstanding partner to our team and to our shareholders as we continue to execute on our mission of changing lives."
Mr. Billante added: "Credit Acceptance has built something truly differentiated—a company with a clear and compelling mission, a strong track record, and a culture that people are proud to be part of. I am honored to join this team and look forward to contributing to the Company's continued success."
Jay Martin joined Credit Acceptance in 2003 and spent more than two decades as one of the company's most dedicated and trusted leaders. His career here was a testament to the power of deep institutional commitment — growing alongside the business, shaping its financial infrastructure, and serving as a steadfast steward of its integrity through every business cycle and period of strategic evolution.
"Jay is the embodiment of what Credit Acceptance is about," said Mr. Hegde. "He joined this company over two decades ago and committed himself fully to its mission and its people. His leadership, deep financial expertise, and unwavering integrity have been a gift to this organization. We are enormously grateful for everything he has contributed, and we wish him a well-earned and fulfilling retirement."
Mr. Martin reflected: "It has been the privilege of my career to serve Credit Acceptance and its mission of making vehicle ownership accessible to consumers who might not otherwise have that opportunity. I am proud of what our team has built, and I am confident the Company is in an exceptional position going forward. I am grateful to my colleagues, our leadership, and our shareholders for the trust they have placed in me over the years."
As part of a planned transition, Mr. Martin will participate in Q2 earnings alongside management and remain actively engaged through August 31, 2026.
1
About Credit Acceptance
We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.
Without our financing programs, consumers are often unable to purchase vehicles, or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.
Investor Relations: Jay Brinkley
Senior Vice President & Treasurer
(248) 353-2700 Ext. 6739
IR@creditacceptance.com
2
FAQ
What leadership change did Credit Acceptance (CACC) announce in this 8-K?
Credit Acceptance announced that longtime CFO Jay Martin will retire as officer and employee on July 27, 2026. The board appointed Joe Billante as the new Chief Financial Officer effective the same date, ensuring a planned and structured transition in the company’s senior finance leadership.
When will Credit Acceptance CFO Jay Martin retire and how long will he advise?
Jay Martin will retire as an officer and employee on July 27, 2026, after 23 years of service. He will then serve as an employee advisor through August 31, 2026, continuing to receive compensation at his current annual rate during this advisory period to support transition continuity.
Who is Joe Billante, the new CFO of Credit Acceptance (CACC)?
Joe Billante, age 50, is Credit Acceptance’s incoming CFO effective July 27, 2026. He previously served as CFO of Barracuda Networks, held senior finance roles at eBay including European and Greater China CFO, and earlier held finance leadership roles at General Electric, reflecting extensive executive finance experience.
What is the compensation package for new Credit Acceptance CFO Joe Billante?
As CFO, Joe Billante will receive a $750,000 annual base salary and a $300,000 one-time cash signing bonus. He will also be granted 26,223 Restricted Stock Units that vest in equal installments on each of the ten anniversaries of the July 27, 2026 grant date, subject to continuous employment.
How are Joe Billante’s Restricted Stock Units structured at Credit Acceptance?
Joe Billante’s equity award totals 26,223 Restricted Stock Units, split into 19,667 Base RSUs and 6,556 Retirement RSUs. These units vest over 10 years on each of the ten anniversaries of the July 27, 2026 grant date, contingent on his continued employment with Credit Acceptance Corporation.
What disclosure did Credit Acceptance (CACC) make under Regulation FD in this filing?
The company furnished, under Item 7.01 Regulation FD Disclosure, a press release dated June 10, 2026 announcing Joe Billante’s appointment and Jay Martin’s retirement. This information, including Exhibit 99.1, is furnished rather than filed, meaning it is not subject to Section 18 liability or automatically incorporated into other filings.