Asbury Automotive Group, Inc. Announces Appointment of Keith R. Style as Chief
DULUTH, Ga., Dec. 10, 2013
DULUTH, Ga., Dec. 10, 2013 /PRNewswire/ --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, as part of its long-term
executive succession planning process, that Senior Vice President and Chief
Financial Officer Scott Krenz will retire from the position of Chief Financial
Officer, effective December 31, 2013. Current Vice President of Finance Keith
Style has been appointed to succeed Scott Krenz as Chief Financial Officer
effective January 1, 2014.
Craig T. Monaghan, Asbury's President and Chief Executive Officer, said, "We
thank Scott for his valuable service to Asbury. He has been instrumental in
Asbury's delivery of significant value to our shareholders during his tenure,
and we are pleased that he has agreed to remain with the Company for a
transitional period." Krenz stated, "I want to thank Craig and the Board for
the opportunity to work with a great team. As I retire to pursue some
long-delayed personal goals, I am confident the Company has the right team in
place to drive its continued success."
Keith Style joined the Company in October 2003, and has held several positions
during his time with Asbury, having served as Vice President of Finance since
November 2008 during which time he has been overseeing the Company's
operational financial functions, management reporting and process improvement
initiatives. Prior to his appointment as Vice President of Finance, he served
as the Company's Vice President of Investor Relations, Director of Budgeting &
Forecasting, and Assistant Controller. He holds a B.A. in Economics and
Business from Lafayette College and began his career in public accounting.
Monaghan continued, "We are excited for Keith to transition into this new role
with Asbury. He is an industry veteran with tremendous breadth and depth of
knowledge of Asbury, and I look forward to his continued contributions as a
member of our senior management team."
About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. ("Asbury"), headquartered in Duluth, Georgia, a
suburb of Atlanta, is one of the largest automobile retailers in the U.S.
Built through a combination of organic growth and a series of strategic
acquisitions, Asbury currently operates 79 retail auto stores, encompassing
100 franchises for the sale and servicing of 29 different brands of American,
European and Asian automobiles. 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.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements other than historical fact, and may include
statements relating to goals, plans, market conditions and projections
regarding Asbury's financial position, liquidity, results of operations,
market position and dealership portfolio, the benefits of its restructuring
program and other initiatives and future business strategy. These statements
are based on management's current expectations and beliefs and involve
significant risks and uncertainties that may cause results to differ
materially from those set forth in the statements. These risks and
uncertainties include, among other things, market factors, Asbury's
relationships with, and the financial and operational stability of, vehicle
manufacturers and other suppliers, acts of God or other incidents which may
adversely impact supply from vehicle manufacturers and/or present retail sales
challenges, risks associated with Asbury's indebtedness (including available
borrowing capacity, compliance with its financial covenants and ability to
refinance or repay such indebtedness, on favorable terms), Asbury's
relationships with, and the financial stability of, its lenders and lessors,
risks related to competition in the automotive retail and service industries,
general economic conditions both nationally and locally, governmental
regulations, legislation, adverse results in litigation and other proceedings,
and Asbury's ability to execute its IT initiatives and other operational
strategies, Asbury's ability to leverage gains from its dealership portfolio,
Asbury's ability to capitalize on opportunities to repurchase its debt and
equity securities or purchase properties that it currently leases, and
Asbury's ability to stay within its targeted range for capital expenditures.
There can be no guarantees that Asbury's plans for future operations will be
successfully implemented or that they will prove to be commercially
These and other risk factors that could cause actual results to differ
materially from those expressed or implied in our forward-looking statements
are and will be discussed in Asbury's filings with the Securities and Exchange
Commission from time to time, including its most recent annual report on Form
10-K and any subsequently filed quarterly reports on Form 10-Q. We undertake
no obligation to publicly update any forward-looking statement, whether as a
result of new information, future events or otherwise.
SOURCE Asbury Automotive Group, Inc.
Contact: Investors May Contact: Ryan Marsh, VP & Treasurer, (770) 418-8211,
email@example.com; Reporters May Contact: Melissa Corey, Public Relations &
Communications Manager, (770) 418-8231, firstname.lastname@example.org
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