Asbury Automotive Group, Inc. Announces Appointment of Michael Welch as Chief Financial Officer

Rhea-AI Summary

Asbury Automotive Group (NYSE: ABG) announced the appointment of Michael Welch as Senior Vice President and Chief Financial Officer, effective August 9, 2021. With over 20 years in the automotive retail industry, Welch brings extensive expertise in financial management and accounting. He previously held a leadership role at Group 1 Automotive, enhancing his understanding of the retail sector. President & CEO David Hult expressed enthusiasm for Welch's addition, citing the importance of his experience in executing Asbury's five-year growth plan.

Positive

• Michael Welch brings 20+ years of automotive retail experience.
• Welch's background in financial management and accounting will support growth plans.
• Leadership change may bring fresh perspectives to financial strategies.

Negative

• Concerns about continuity amidst management changes.

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 Michael Welch will join the Company as its Senior Vice President and Chief Financial Officer effective August 9, 2021.

“Michael has spent over 20 years working in the automotive retail industry so he brings with him a deep understanding of the auto retail business along with broad experience in financial management, treasury, accounting and auditing, which will prove invaluable as we continue to execute on our five-year growth plan. I am very excited to have Michael join the Asbury Team,” said President & CEO David Hult.

Mr. Welch joins the Company from Group 1 Automotive, Inc. a NYSE-listed Fortune 500 automotive retailer with automotive dealerships and collision centers in the United States, United Kingdom and Brazil, where he served as the Vice President and Corporate Controller since June 2019. From June 2000 until June 2019, Mr. Welch held various other positions with GPI of increasing responsibility, where he gained extensive experience in treasury, financial reporting, financial planning and analysis and internal audit. Mr. Welch began his career at Price Waterhouse. Mr. Welch received his Bachelor of Business Administration from Oklahoma Baptist University, and is a Certified Public Accountant (CPA) in the State of Texas.

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/20210706005180/en/

FAQ

Who is the new CFO of Asbury Automotive Group?

Michael Welch has been appointed as the Senior Vice President and Chief Financial Officer.

What experience does Michael Welch bring to Asbury Automotive Group?

Michael Welch has over 20 years in the automotive retail industry, previously serving at Group 1 Automotive.

When did Michael Welch join Asbury Automotive Group?

Michael Welch joined Asbury Automotive Group effective August 9, 2021.

What impact might Michael Welch's appointment have on Asbury Automotive Group?

His extensive experience in financial management may aid in executing Asbury's five-year growth plan.