DULUTH, Ga., — The Board of Directors of Asbury Automotive Group, Inc., one of the largest automotive retail and service companies in the U.S., today announced that Executive Vice President and Chief Operating Officer David W. Hult will succeed Craig T. Monaghan as the Company’s President and Chief Executive Officer effective January 1, 2018. Mr. Hult, who has served as Asbury’s Executive Vice President and Chief Operating Officer since November 2014, will also join the Company’s Board of Directors. Mr. Hult has over 30 years of extensive automotive retail experience and has held senior management positions with both large public and private automotive retail organizations, including RLJ McLarty Landers Automotive Holdings, Group 1 Automotive and Penske Automotive Group.
Under the planned succession effective January 1, 2018, Mr. Monaghan will become Vice Chairman of the Board until the date of the Company’s 2018 annual meeting of stockholders. Mr. Monaghan also will serve as a non-executive Special Advisor to the Company until his retirement on April 30, 2019.
“We are thankful to Craig for his dedication to Asbury since originally joining the Company in 2008,” said Thomas C. DeLoach, Jr., the Chairman of the Board. “Craig is responsible for significant growth and value creation at the Company, and we appreciate his willingness to continue to serve Asbury in a transitional role following his retirement as President and CEO. David has already contributed greatly to the growth of the Company, and the Board is unanimous in its belief that David is the ideal next chief executive for Asbury.”
Mr. Monaghan added, “I am delighted that the Board has promoted David to President and CEO of the Company. I look forward to continuing to work with him to execute Asbury’s business strategy and deliver long-term value to stockholders and other stakeholders.”
Mr. Hult stated, “I am excited to lead the Company and our 8,000 associates and look forward to driving further growth for the Company. I want to thank the Board of Directors of the Company for providing me this opportunity. Craig has served as a wonderful mentor since I joined the Company. I look forward to his continued advice and counsel as we work to ensure a smooth and successful transition.”
In August of 2014, CBT News’ Jim Fitzpatrick sat down with Mr. Monaghan in an exclusive interview that took place at Toyota of Roswell in Georgia to discuss Asbury’s successful recovery from the recession and their rising stock price.