DULUTH, Ga., Oct. 11, 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., today
announced that Sean Goodman provided
notice of his intention to resign from the position of Senior Vice
President & Chief Financial Officer of the Company effective
November 15, 2019, to accept the
position of Chief Financial Officer of another publicly-traded
company outside of the auto retail industry. David W. Hult, Asbury's President & Chief
Executive Officer, said "We thank Sean for his service to Asbury
and wish him well in his next endeavor. We are pleased that Sean
has agreed to remain with the Company until after we file our
quarterly report on the Form 10-Q for the quarter ended
September 30, 2019." Goodman said "I
would like to thank David for the opportunity to serve as CFO of
such a great company. I will miss Asbury and wish the team every
success in the future." The Company also announced that
William Stax, Vice President,
Corporate Controller & Chief Accounting Officer of the Company,
was appointed interim Principal Financial Officer effective
November 16, 2019 while the Company
conducts a search for a new Chief Financial Officer.
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 88
dealerships, consisting of 107 franchises, representing 31 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.
Forward-Looking Statements
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,
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 digital 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 successful.
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 U.S. 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.
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SOURCE Asbury Automotive Group, Inc.