The Compensation Committee of Solera Holdings granted a one-time, special cash award of $2.6 million to Tony Aquila, CEO.
“The special cash award recognizes Aquila’s performance and his contributions during fiscal years 2013 and 2014 to Solera’s progress in diversifying its business during a critical, transformational period from primarily a provider of insurance motor claims processing solutions to a risk and physical asset management software provider to the automobile and property marketplace, including the P&C insurance industry,” according to a company statement.
“These diversification efforts are critical for Solera’s future growth as its marketplace continues to evolve, and timely execution against these initiatives has positioned Solera for long-term stockholder value creation. Through Aquila’s leadership, Solera has expanded its software platforms, which now include: glass; service, maintenance and repair; and property. These developments have, among other benefits, increased Solera’s reach into the households in advanced markets (North America and Western Europe), as evidenced by its increase in revenue per household from $2.73 on an annualized basis for the quarter ended March 31, 2013 (the first period on which Solera publicly reported revenue per household) to $3.63 on an annualized basis for the quarter ended June 30, 2014,” according to the statement.