Asbury Automotive Group Appoints New Director to Its Board

Rhea-AI Summary

Asbury Automotive Group (NYSE: ABG) has appointed Hilliard C. Terry, III to its Board of Directors, effective February 22, 2022. Mr. Terry brings extensive experience in finance and corporate development, having previously served as CFO of Textainer Group Holdings and treasurer at Agilent Technologies. His appointment strengthens the Company’s leadership, with his insights expected to enhance Asbury’s strategic growth initiatives and digital transformations. The Board now comprises ten members, nine of whom are independent.

Positive

• Hilliard C. Terry's appointment is expected to enhance Asbury's strategic growth and omni-channel initiatives.
• Mr. Terry's extensive experience in finance and digital transformation adds valuable expertise to Asbury's Board.

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• None.

Hilliard C. Terry, III Provides Asbury Automotive Group with In-Depth Knowledge of Finance, Capital Allocation, and Corporate Development

DULUTH, Ga.--(BUSINESS WIRE)-- Asbury Automotive Group, Inc. (NYSE: ABG) (“Asbury” or the “Company”), one of the largest automotive retail and service companies in the U.S., announced today the appointment of Hilliard C. Terry, III to its Board of Directors, effective February 22, 2022. The Board has appointed Mr. Terry to the Company’s Compensation and Human Resources Committee and the Capital Allocation & Risk Management Committee. Mr. Terry’s appointment brings the total number of Directors to ten, nine of whom are independent.

Mr. Terry’s highly accomplished career includes extensive management experience in finance, capital allocation, and corporate development. He previously served as Executive Vice President and Chief Financial Officer of Textainer Group Holdings Limited, and as Vice President and Treasurer at Agilent Technologies, Inc., where he headed Investor Relations during Agilent’s spin-off from Hewlett-Packard and subsequent IPO.

“We are pleased to add someone with Hilliard’s investor-facing and finance leadership experience to the Asbury Board,” said Board Chairman, Tom Reddin. “His informed perspective on digital transformation in consumer-facing environments make him a valuable new addition to our Board, and will enhance the overall composition of the Board.”

“With Hilliard’s appointment to the Board, we believe Asbury is in a stronger position to execute on our strategic growth and omni channel initiatives,” said David Hult, CEO of Asbury Automotive Group. “His added experience in technology, finance, and banking will be an asset to us as we continue to strive to provide a best-in-class guest experience and work to bring innovations to the automotive retail industry.”

Mr. Terry said, “I look forward to joining Asbury’s Board. Asbury’s growth and performance have been phenomenal. Its innovative culture and omni-channel approach create exciting future prospects for the Company.”

Prior to joining Textainer and Agilent, Mr. Terry worked as a banker for Goldman Sachs focusing on real estate finance and financial institutions. Following his departure from Goldman Sachs, Mr. Terry served as Director of Investor relations at Kenetech Corp. and later served as Investor Relations Director and Global Marketing Manager for VeriFone, Inc. and most recently in advisor, interim CEO and CFO roles for private equity-backed portfolio companies. Mr. Terry currently serves on the board of directors for Umpqua Holdings Corporation, a financial services company; Upstart Holdings, Inc., a leading artificial intelligence consumer lending platform; and private company boards.

Mr. Terry received his BA in Economics from the University of California, Berkley and his MBA from Golden Gate University.

About Asbury Automotive Group, Inc.

Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a five-year plan to increase revenue and profitability strategically through organic and acquisitive growth as well as their innovative Clicklane digital vehicle purchasing platform, with its guest-centric approach as Asbury’s constant North Star. Asbury currently operates 154 dealerships, consisting of 204 franchises, representing 31 domestic and foreign brands of vehicles. Asbury also operates seven stand-alone used vehicle stores, 35 collision repair centers, an auto auction, a used vehicle wholesale business and an F&I product provider. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection debt cancellation, and prepaid maintenance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220222006163/en/

Investors & Reporters May Contact:

Karen Reid

VP – Corporate FP&A and Treasurer

(770) 418-8211

ir@asburyauto.com

Source: Asbury Automotive Group, Inc.

FAQ

Who is Hilliard C. Terry, and what is his role at Asbury Automotive Group?

Hilliard C. Terry, III has been appointed to the Board of Directors of Asbury Automotive Group, effective February 22, 2022. He will serve on the Compensation and Human Resources Committee as well as the Capital Allocation & Risk Management Committee.

What experience does Hilliard C. Terry have?

Mr. Terry has significant experience in finance and corporate development, having served as CFO of Textainer Group and held key finance roles at Agilent Technologies and Goldman Sachs.

What is the significance of Hilliard C. Terry's appointment for Asbury Automotive Group?

His appointment is expected to strengthen Asbury's leadership, enhance its strategic initiatives, and support its digital transformation efforts.

How many members are on Asbury Automotive Group's Board of Directors after this appointment?

After Hilliard C. Terry's appointment, Asbury's Board of Directors now consists of ten members, with nine independent directors.