GPB Automotive Portfolio layoffs, on the record
Every job cut, severance charge and restructuring GPB Automotive Portfolio reported in its annual reports, 2022 to 2024, quoted from the filings.
Job cuts, severance and restructuring
Our summaryHighline was formed as a key part of a restructuring to provide GPB with management and operation support services, and the Board was established with independent committees; the text describes these restructuring activities but gives no layoff or workforce reduction figures.
Word for word“As a key feature of this restructuring, Highline was formed to provide GPB with management and operation support services for the GPB-managed partnerships.” 10-K for 2022
Our summaryTwo executives, Michael Frost and Daniel Rainey, had their employment terminated without Cause by Highline, and were paid cash severance and PTO pay-out.
Word for word“The amount in this column represents cash severance and PTO pay-out paid to Mr. Frost in connection with his termination on June 30, 2022.” 10-K for 2022
Our summaryDaniel Rainey's employment with Highline ended, and he was paid cash severance and unused personal time off.
Word for word“The amount in this column represents cash severance and unused personal time off paid to Mr. Rainey in connection with his termination on June 30, 2022.” 10-K for 2023
Our summaryRestructuring activities were undertaken after recommendations from GPB's predecessor Audit Committee, including establishing independent board committees and additional governance layers.
Word for word“Additionally, these restructuring activities were designed and implemented, in part, to establish independent committees responsible for overseeing GPB’s management related to the Partnership’s affairs, establish additional layers of responsibility within the Partnership’s governance structure and enhance internal controls.” 10-K for 2023
Our summaryAfter an independent investigation, the company carried out a series of restructuring activities on its management structure, resource sharing and governance oversight, including reducing the Board from five members to three and later to two.
Word for word“The predecessor Audit Committee made recommendations which led to a series of restructuring activities undertaken to accomplish a number of objectives including, but not limited to the: (i) further enhancement of the corporate management structure, with the addition of professionals knowledgeable in the industry and commensurate with the complexity and demands of the business of the Partnership; (ii) formalization, to the extent possible, of the commitment to share human resources, facilities and operating assets among and between the entities that comprise the General Partner and the Partnership; and (iii) further development of the independent oversight of the corporate governance structure and framework to help enable the Partnership to achieve its goals, control risks and compliance with laws, rules and regulations which govern the management of the Partnership.” 10-K for 2024
Our summaryThe company paid cash severance and paid time off to an executive, Mr. Frost, after his termination.
Word for word“The amount in this column represents cash severance and PTO paid to Mr. Frost in connection with his termination on June 30, 2022.” 10-K for 2024
GPB Automotive Portfolio has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from GPB Automotive Portfolio’s annual reports (10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2025-03-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.