Mike Jackson, CEO of AutoNation is stepping down from his position as Chairman. Jackson will remain CEO of the retailer, as the company announced its decision to separate the roles of Chairman and CEO. Rick L. Burdick was elected by the Board of Directors to succeed Jackson as AutoNation’s new Chairman.
“The Board is comprised of experienced and well-respected leaders who provide valuable and strategic guidance. I am excited about AutoNation’s future,” said Burdick.
Burdick has served as a director of AutoNation since 1991. In 2018, Burdick was named Lead Independent Director. According to the company’s press release the transition is effective immediately. While Jackson will no longer serve as Chairman, he will continue to be an active member of the company’s Board of Directors.
“AutoNation is well-positioned for the future. We remain focused and committed to delivering a peerless customer experience,” said Jackson.
Jackson has served as Chairman for the last 18 years, leading the company through tremendous growth. On Tuesday, AutoNation reported an 88% increase in quarterly adjusted profit. Gross profits per new vehicle surged by 50% to $2,775 in Q4, while also rising 9% to $1,565 for used vehicles. The company said that revenues rose by 4% to $5.79 billion, and added that it had $2.3 billion of liquidity as of Dec. 31, 2020.
The company also plans to add five new stores by the end of 2021 and ten additional stores in 2022. The Fort Lauderdale-based dealership group will add stores in Phoenix, AZ; Austin, TX; San Antonio, TX; and Denver, CO.