AutoNation Board of Directors Approves New Contract with Mike Jackson as Chairman and Chief Executive Officer through April 2022

Rhea-AI Summary

On July 14, 2020, AutoNation (NYSE: AN) announced that Mike Jackson will continue as Chairman and CEO until April 12, 2022. The board intends to appoint a successor in early 2022. Cheryl Miller has resigned from her position and the board, ending a significant tenure that included a partnership with Waymo. Jackson, a veteran leader in the automotive industry, expressed confidence in AutoNation's strong positioning and future achievements. AutoNation operates over 325 locations and has sold over 12 million vehicles, emphasizing its commitment to a customer-focused experience.

Positive

• Mike Jackson's continued leadership is expected to provide stability and strategic direction.
• AutoNation's strong brand presence and scale may enhance competitive advantages.

Negative

• Cheryl Miller's resignation could create continuity concerns.
• Potential experience gaps during the leadership transition.

FORT LAUDERDALE, Fla., July 14, 2020 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest and most recognized automotive retailer, today announced that the Company and its Board of Directors have entered into a contract with Mike Jackson as Chairman and Chief Executive Officer, through April 12, 2022. It is the intent of the Company to name a successor in early 2022. Mr. Jackson will retire from AutoNation upon the appointment of the new Chief Executive Officer. Cheryl Miller has decided not to return from her leave of absence, and has resigned as of July 14, 2020. She has also resigned from the Board of Directors.

"The Board is thankful for Cheryl's years of service and leadership, including the strategic partnership she built between AutoNation and Waymo," said Mike Jackson, AutoNation's Chairman and Chief Executive Officer. "We are grateful for her contributions and wish her all of the best in her future endeavors."

Miller commented, "AutoNation is America's largest and most recognized automotive retailer and it has been an honor to have helped lead the company for over a decade. I am grateful for the opportunity to have worked with so many talented and committed associates and leaders who I'm confident will continue to drive the company forward."

Mike Jackson is one of the most influential and effective leaders in the automotive industry. Over the course of a career spanning nearly five decades, he has earned a reputation as a relentless innovator, with many of the initiatives he championed becoming bedrock practices across the industry.

Mike Jackson added, "AutoNation is well positioned with a powerful combination of brand and scale, both unique in auto retail. I am very excited about what we as a team can accomplish over the next two years."

About AutoNation, Inc.
AutoNation, America's largest and most recognized automotive retailer, is transforming the automotive industry through its bold leadership, innovation, and comprehensive brand extensions. As of June 30, 2020, AutoNation owned and operated over 325 locations from coast to coast. AutoNation has sold over 12 million vehicles, the first automotive retailer to reach this milestone. AutoNation's success is driven by a commitment to delivering a peerless experience through customer-focused sales and service processes. Since 2013, AutoNation has raised nearly $25 million to drive out cancer, create awareness, and support critical research through its DRIVE PINK initiative, which was officially branded in 2015.

Please visit -1%26h%3D161893503%26u%3Dhttp%253A%252F%252Fwww.autonation.com%252F%26a%3Dwww.autonation.com&a=www.autonation.com" rel="nofollow">www.autonation.com, -1%26h%3D3570516152%26u%3Dhttp%253A%252F%252Finvestors.autonation.com%252F%26a%3Dinvestors.autonation.com&a=investors.autonation.com" rel="nofollow">investors.autonation.com, www.twitter.com/CEOMikeJackson, and -1%26h%3D2098249096%26u%3Dhttp%253A%252F%252Fwww.twitter.com%252FAutoNation%26a%3Dwww.twitter.com%252FAutoNation&a=www.twitter.com%2FAutoNation" rel="nofollow">www.twitter.com/AutoNation, where AutoNation discloses additional information about the Company, its business, and its results of operations. Please also visit -1%26h%3D3804454310%26u%3Dhttp%253A%252F%252Fwww.autonationdrive.com%252F%26a%3Dwww.autonationdrive.com&a=www.autonationdrive.com" rel="nofollow">www.autonationdrive.com, AutoNation's automotive blog, for information regarding the AutoNation community, the automotive industry, and current automotive news and trends.

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SOURCE AutoNation, Inc.

FAQ

What leadership changes were announced for AutoNation on July 14, 2020?

On July 14, 2020, AutoNation announced that Mike Jackson will remain as CEO until April 12, 2022, following Cheryl Miller's resignation.

What impact does Cheryl Miller's resignation have on AutoNation?

Cheryl Miller's resignation creates potential continuity concerns and experience gaps in leadership.

What is the timeline for appointing a new CEO at AutoNation?

AutoNation's board plans to appoint a new CEO in early 2022.

How long has Mike Jackson been with AutoNation?

Mike Jackson has a nearly five-decade career in the automotive industry and has been a key leader at AutoNation.