Benzinga | Feb 23, 2021 11:55AM EST

Lithia Motors Reports Completion Of Conversion Of Lithia's Class B Stock Into Class A Stock With Founder, Chair Sidney DeBoer 5 Years Ahead Of Schedule

Lithia Motors & Driveway (NYSE:LAD) today announced that nearly five years ahead of schedule, LAD and Sidney DeBoer have completed the conversion of Lithia's Class B common stock into Class A common stock effective February 23, 2021. As a result, Lithia Motors & Driveway no longer have a dual-class structure and all outstanding shares have the same economic value and voting power.

"We are gracious that our founder and Chairman of the Board, Sidney DeBoer, significantly accelerated the timeline for converting the remaining Class B shares, previously scheduled to sunset at the end of 2025," said Bryan DeBoer, Lithia Motors & Driveway's President & CEO. "This acceleration further demonstrates our steadfast commitment to a culture of high performance while maintaining a strong corporate governance profile."