DULUTH, Ga., Aug. 22, 2017 /PRNewswire/ -- The Board of
Directors of Asbury Automotive Group, Inc. (NYSE: ABG) ("Asbury" or
the "Company"), one of the largest automotive retail and service
companies in the U.S., today announced that Executive Vice
President and Chief Operating Officer David
W. Hult will succeed Craig T.
Monaghan as the Company's President and Chief Executive
Officer effective January 1,
2018. Mr. Hult, who has served as Asbury's Executive Vice
President and Chief Operating Officer since November 2014,
will also join the Company's Board of Directors. Mr. Hult has
over 30 years of extensive automotive retail experience and has
held senior management positions with both large public and private
automotive retail organizations, including RLJ McLarty Landers
Automotive Holdings, Group 1 Automotive and Penske Automotive
Group.
Under the planned succession, and in furtherance of the
Company's long-term strategic goals, effective January 1, 2018, Mr. Monaghan will become Vice
Chairman of the Board until the date of the Company's 2018 annual
meeting of stockholders. Mr. Monaghan also will serve as a
non-executive Special Advisor to the Company until his retirement
on April 30, 2019.
"We are thankful to Craig for his dedication to Asbury since
originally joining the Company in 2008," said Thomas C. DeLoach, Jr., the Chairman of the
Board. "Craig is responsible for significant growth and value
creation at the Company, and we appreciate his willingness to
continue to serve Asbury in a transitional role following his
retirement as President and CEO. David has already
contributed greatly to the growth of the Company, and the Board is
unanimous in its belief that David is the ideal next chief
executive for Asbury."
Mr. Monaghan added, "I am delighted that the Board has promoted
David to President and CEO of the Company. I look forward to
continuing to work with him to execute Asbury's business strategy
and deliver long-term value to stockholders and other
stakeholders."
Mr. Hult stated, "I am excited to lead the Company and our 8,000
associates and look forward to driving further growth for the
Company. I want to thank the Board of Directors of the
Company for providing me this opportunity. Craig has served
as a wonderful mentor since I joined the Company. I look forward to
his continued advice and counsel as we work to ensure a smooth and
successful transition."
About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. ("Asbury"), a Fortune 500 company
headquartered in Duluth, GA, is
one of the largest automotive retailers in the U.S. Asbury
currently operates 80 dealerships, consisting of 96 franchises,
representing 29 domestic and foreign brands of vehicles. Asbury
also operates 24 collision repair centers. Asbury offers customers
an extensive range of automotive products and services, including
new and used vehicle sales and related financing and insurance,
vehicle maintenance and repair services, replacement parts and
service contracts.
View original
content:http://www.prnewswire.com/news-releases/asbury-automotive-group-inc-announces-ceo-succession-plan-300508035.html
SOURCE Asbury Automotive Group, Inc.