Asbury Automotive Group Announces Departure of Patrick J. Guido as CFO

Rhea-AI Summary

Asbury Automotive Group (NYSE: ABG) announced the resignation of Patrick J. Guido as Senior Vice President & Chief Financial Officer effective June 24, 2021, for personal reasons. David W. Hult, President & CEO, expressed gratitude for Guido's service. William Stax, the current Vice President, has been appointed as the interim Principal Financial Officer starting June 25, 2021, while the company searches for a new CFO. Asbury remains a leading automotive retailer in the U.S., operating 91 dealerships and 25 collision repair centers.

Positive

• Asbury operates 91 dealerships and 25 collision repair centers, indicating strong market presence.
• William Stax's appointment as interim CFO provides continuity during the transition.

Negative

• The resignation of the CFO could lead to uncertainty among investors.
• The search for a new CFO may indicate potential challenges in financial management.

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 Patrick J. Guido provided notice of his decision to resign from the position of Senior Vice President & Chief Financial Officer of the Company effective June 24, 2021 for personal reasons. David W. Hult, Asbury’s President & Chief Executive Officer, said, “We thank PJ Guido for his service to Asbury and leading the finance team.” Guido said, “I would like to thank David and the Board for the opportunity to have served as CFO and wish the Company and my former colleagues well in the future.” The Company also announced that William Stax, Vice President, Corporate Controller & Chief Accounting Officer of the Company, was appointed as interim Principal Financial Officer effective June 25, 2021 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 91 dealerships, consisting of 112 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210628005769/en/

FAQ

Who is the new interim CFO for Asbury Automotive Group?

William Stax has been appointed as the interim Principal Financial Officer effective June 25, 2021.

When did Patrick J. Guido resign as CFO of Asbury Automotive Group?

Patrick J. Guido resigned from his position effective June 24, 2021.

What impact does the CFO resignation have on Asbury Automotive Group?

The resignation of the CFO could create uncertainty for investors and affect financial management.

How many dealerships does Asbury Automotive Group operate?

Asbury Automotive Group operates 91 dealerships across the U.S.