Subsequent Events |
6 Months Ended |
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Jun. 30, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
12. Subsequent Events
On July 22, 2015, Sonic’s Board of Directors appointed B. Scott Smith as Chief Executive Officer of the Company, effective immediately. He will also continue to serve as the Company’s President and as a director of the Company. In connection with B. Scott Smith’s appointment as Chief Executive Officer, a position previously held by O. Bruton Smith, Sonic’s Board of Directors appointed O. Bruton Smith as Executive Chairman of the Company, effective immediately. As Executive Chairman, O. Bruton Smith will report directly to Sonic’s Board of Directors and will work closely with the Board of Directors, the Chief Executive Officer and the Vice Chairman with regard to overall leadership and strategic direction of the Company, guidance of the Company’s senior management, coordination of the Board of Directors’ activities and communication with the Company’s key stakeholders.
The Company has deemed that B. Scott Smith shall be the principal executive officer of the Company for purposes of all documents and certifications to be filed with or submitted to the SEC or the New York Stock Exchange and for all other similar or related purposes. |
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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