FORT LAUDERDALE, Fla.,
Sept. 19, 2018 /PRNewswire/ --
AutoNation, Inc. (NYSE: AN), America's largest automotive
retailer, today announced that Mike
Jackson, Chairman, CEO and President, has extended his
contract with the Company as Executive Chairman. The Company
also announced that the Board of Directors has retained the
executive search and leadership advisory firm, Spencer Stuart, to support the CEO succession
process, which will consider both internal and external
candidates. Mr. Jackson will continue to lead the Company in
his current role as Chairman, CEO and President during the
succession process.
When AutoNation's Founder, H. Wayne
Huizenga hired Mr. Jackson in 1999 to be CEO, the automotive
retail industry was changed forever. In his almost 20 years as the
transformational leader of AutoNation, Mr. Jackson solidified the
Company's position as the largest automotive retailer in America,
selling the most vehicles ever, with an innovative digital strategy
unmatched in the industry. He expects each associate to strive for
a peerless customer experience, a peerless commitment to their
fellow associates, and a peerless commitment to their community
through the Drive Pink cancer initiative. This is evident with
milestones the Company has reached during his tenure. AutoNation
has sold over 11 million vehicles, serviced over 40 million
customer vehicles, and has raised nearly $15
million dollars for cancer-related charities from coast to
coast. Mr. Jackson took a fragmented group of dealerships with
legacy regional names, implemented industry-leading,
customer-friendly common practices, and rebranded them with the
AutoNation name, creating a highly successful and recognizable
brand. AutoNation has been the number one automotive retailer for
the last two decades. No other automotive retailer has been able to
replicate what Mr. Jackson accomplished at AutoNation. In July of
this year Mr. Jackson was inducted into the Automotive Hall of
Fame.
Mr. Jackson is an industry disruptor and innovator. He is
considered one of the most influential and effective leaders in the
automotive industry. When the industry needed an advocate in the
halls of the Treasury during the 2008 crisis, Mr. Jackson was
there. When the collective dealer body needed a leader to speak to
manufacturers on matters such as inventory levels and disruptive
incentive programs, Mr. Jackson was there. When customers needed
someone to voice their needs and expectations to manufacturers, Mr.
Jackson sat down and had those conversations.
"Not only is Mike Jackson an
inspirational and visionary corporate leader who is personally
responsible for many automotive firsts, he's been the respected
voice of the automotive industry for the last 20 years," said
Michael Larson, AutoNation's lead
independent director. "AutoNation's Board will initiate its search
for the next CEO who can take the baton from Mike and lead
AutoNation into its next phase of continued growth and
success."
"AutoNation is the retail automotive industry leader. The
Company is ready for its next chapter with a strong foundation, a
coast to coast brand, a comprehensive Brand Extension strategy, and
a transformational digital consumer car buying experience," said
Mike Jackson.
Mr. Jackson went on to say, "While the Board commences its
succession process, we will remain focused on delivering a peerless
customer experience and executing our Brand Extension and digital
strategies."
About AutoNation, Inc.
AutoNation, America's
largest automotive retailer, is transforming the automotive
industry through its bold leadership, innovation, and comprehensive
brand extensions. As of June 30,
2018, AutoNation owned and operated over 325 locations from
coast to coast. AutoNation has sold over 11 million vehicles, the
first automotive retailer to reach this milestone. AutoNation's
success is driven by a commitment to delivering a peerless
experience through customer-focused sales and service processes.
Through its Drive Pink initiative, AutoNation is committed to drive
out cancer, create awareness and support critical research.
AutoNation continues to be a proud supporter of the Breast Cancer
Research Foundation and other cancer-related charities.
Please visit investors.autonation.com, www.autonation.com,
www.autonationdrive.com, www.twitter.com/autonation,
www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and
www.facebook.com/CEOMikeJackson, where AutoNation discloses
additional information about the Company, its business, and its
results of operations.
FORWARD-LOOKING STATEMENTS
This news release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements
other than statements of historical fact are, or may be deemed to
be, forward-looking statements. Words such as "anticipates,"
"expects," "intends," "goals," "plans," "believes," "continues,"
"may," "will," "could," and variations of such words and similar
expressions are intended to identify such forward-looking
statements. Statements regarding CEO succession planning, our
strategic initiatives, including our brand extension strategies,
and expectations for future results and the future performance of
our franchises and the automotive retail industry, as well as other
statements that describe our objectives, goals, or plans are
forward-looking statements. Our forward-looking statements reflect
our current expectations concerning future results and events, and
they involve known and unknown risks, uncertainties and other
factors that are difficult to predict and may cause our actual
results, performance or achievements to be materially different
from any future results, performance and achievements expressed or
implied by these statements. These risks, uncertainties and other
factors include, among others: our ability to identify and recruit
potential candidates, economic conditions, including changes in
interest rates, fuel prices, and tariffs; new and used vehicle
margins; the success and financial viability and the incentive and
marketing programs of vehicle manufacturers and distributors with
which we hold franchises; our ability to successfully implement,
and customer adoption of, our brand extension strategies; our
ability to identify, acquire, and build out suitable locations in a
timely manner; our ability to maintain and enhance our retail
brands and reputation and to attract consumers to our own digital
channels; regulatory factors affecting our business; and other
factors described in our news releases and filings made under the
securities laws, including, among others, our Annual Reports on
Form 10-K, our Quarterly Reports on Form 10-Q and our Current
Reports on Form 8-K. Forward-looking statements contained in this
news release speak only as of the date of this news release, and we
undertake no obligation to update these forward-looking statements
to reflect subsequent events or circumstances.
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SOURCE AutoNation, Inc.