DULUTH, Ga., April 23, 2019 /PRNewswire/ -- Asbury
Automotive Group, Inc. (NYSE: ABG) ("Asbury" or the "Company"), one
of the largest automotive retail and service companies in the
U.S., announced today that, as planned and in accordance with
its rotation of chairs policy, current board member Thomas J. Reddin has been appointed as the
Non-Executive Chairman of the Board effective immediately.
Thomas C. DeLoach, Jr., the Board's
Non-Executive Chairman since August
2011, stepped down from the chair position effective on the
same date. Mr. DeLoach will continue to serve as a director on
Asbury's Board of Directors.
"It has been an honor to serve as the Non-Executive Chairman of
Asbury Automotive for the past eight years," said Mr. DeLoach.
"Consistent with the Company's commitment to ongoing board
refreshment and succession plan, Mr. Reddin is assuming the
non-executive chairman role. I am confident in the strength of Mr.
Reddin's leadership, and I believe he has the right mix of
experience and skillsets to be successful in the non-executive
chairman role."
David W. Hult, the Company's
President and Chief Executive Officer, said of Mr. DeLoach's
service as Non-Executive Chairman, "On behalf of Asbury Automotive
Group, I want to thank Tom DeLoach
for his leadership, strategic insight and steadfast support of our
company. I am glad we will continue to work with him as a member of
the Board on creating long-term shareholder value."
"I am honored to serve as Non-Executive Chairman of this great
company," Reddin said. "As the retail automotive landscape
continues to evolve, Asbury is already transforming the guest
experience, and I look forward to further contributing to the
company's growth and success." Mr. Hult stated "Asbury has already
benefited from Tom Reddin's wealth
of experience and knowledge, and I look forward to working closely
with him as our next Non-Executive Chairman."
In addition to the non-executive chairman appointment, Asbury
announced that the Board has approved an exception to its rotation
of chairs policy for Eugene S. Katz,
who has served on the Board since January
2007. Mr. Katz will continue to serve as Chair of the Audit
Committee for one additional year. Also, in connection with Mr.
Reddin's appointment as Non-Executive Chairman, the Board appointed
Philip Maritz to succeed Mr. Reddin
as Chair of the Governance and Nominating Committee.
Juanita James will remain as Chair
of the Compensation and Human Resources Committee and Joel Alsfine will remain as Chair of the Capital
Allocation and Risk Management Committee.
Recent additions to the Board include two new directors over the
past year. Bridget Ryan Berman
joined the Board in April 2018. Ms.
Berman has more than 32 years of experience in the retail industry
having led and advised multiple organizations on business
innovation and large scale digital transformation around the
consumer experience. Maureen
Morrison joined the Board in January 2019. Ms.
Morrison has more than 35 years at PricewaterhouseCoopers where she
was recently an audit partner and a senior executive leader for the
Atlanta technology audit
practice. Ms. Morrison brings audit and financial knowledge
and expertise to the Board.
"The new chairman appointment and recent addition of two new
directors reflects Asbury's thoughtful approach and commitment to
ongoing board refreshment," said Mr. Hult. "I look forward to
working with the Board to deliver value for our shareholders."
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 87 dealerships, consisting of 106 franchises,
representing 30 domestic and foreign brands of vehicles.
Asbury also operates 25 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.
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SOURCE Asbury Automotive Group, Inc.