MCLEAN, Va. — Capital One Auto Finance (COAF) has a new president, the company announced today in a filing with the Securities and Exchange Commission.
According to the filing, Kevin Borgmann, COAF’s current president, was promoted to deputy chief risk officer with the departure of Peter Schnall, who is expected to vacate his position on June 1, 2013. Schnall, according to the filing, has agreed to remain with the company in a senior advisory role through April 1, 2014.
“Mr. Schnall’s responsibilities through the remainder of his tenure as chief risk officer will include working closely with Mr. Borgmann on a smooth and effective transition,” read the filing. “Mr. Schnall has agreed to remain with the company in a senior advisory role through April 1, 2014, at his current compensation and benefit levels until his departure.”
Schnall will continue to receive payments for the first two years following his departure, and his non-competition agreement provides payments totaling $5.3 million for an additional three years, according to the SEC filing.
Borgmann will assume his new role on Nov. 1. Replacing him as president of COAF is Sheldon F. “Trip” Hall,” who has been with the company since 1998. He currently serves as senior vice president for COAF.