- Associated Press - Friday, September 18, 2015

MEDFORD, Ore. (AP) - The founder of Medford-based Lithia Motors will be taking a pay cut next year, but his role as executive chairman will stand.

The Mail Tribune reports (http://is.gd/fQ6qsa ) that under new terms announced in a Securities and Exchange Commission filing, Sid DeBoer will receive just over $1 million annually for life, down from the $3.2 million he has received for the past three years. The pay cut will take effect in January.

The 72-year-old founded the company in 1968 and has watched it grow into one of the nation’s top auto retailers with annual revenue of more than $4 billion.

DeBoer, who says he still works 60 to 70 hours a week, will continue leading board meetings. His son, now the president and CEO, will continue managing the day-to-day operations.

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Information from: Mail Tribune, http://www.mailtribune.com/

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