Penske Automotive Announces Officer Appointments

Rhea-AI Summary

Penske Automotive Group, Inc. (NYSE: PAG) has appointed Michelle Hulgrave as Executive Vice President and Chief Financial Officer, effective June 1, 2021, replacing retiring CFO J.D. Carlson. Hulgrave, a company veteran since 2006 with extensive financial experience, aims to enhance the firm's global financial operations. Additionally, Aaron Michael has been promoted to Executive Vice President, Financial Services and Global Risk Management, taking on added responsibilities while managing the company's capital structure, relationships, and risk management initiatives.

Positive

• Michelle Hulgrave's promotion ensures continuity in financial operations.
• Hulgrave's extensive experience within the company positions her well to maintain financial integrity.
• Aaron Michael's promotion reflects his successful track record in managing capital structure and reducing leverage.

Negative

• None.

BLOOMFIELD HILLS, Mich., May 12, 2021 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company, today announced that Michelle (Shelley) Hulgrave, the company's Senior Vice President and Corporate Controller, has been named Executive Vice President and Chief Financial Officer, effective June 1, 2021. Ms. Hulgrave will replace J.D. Carlson, who is retiring effective June 1 from his role as Executive Vice President and Chief Financial Officer.

Ms. Hulgrave joined our company in 2006 as Corporate Accounting Manager, was promoted to Vice President and Corporate Controller in 2015 and was promoted again to Senior Vice President in February 2020. Prior to joining us, Ms. Hulgrave held various positions for DaimlerChrysler Financial and Ernst & Young. Ms. Hulgrave has a strong operational and technical background in finance and accounting and her experience and tenure with the Penske Automotive organization will help maintain the integrity and discipline of our worldwide financial operations, and provide a solid foundation for success.

The company also announced the promotion of Aaron Michael to Executive Vice President, Financial Services and Global Risk Management, and Treasurer. Mr. Michael has served as our Senior Vice President, Financial Services since 2014 and has been the Company's Treasurer since 2006. In this role, Mr. Michael will continue to manage the Company's capital structure, relationships with lending partners and real estate portfolio. He is also assuming the additional responsibility of oversight for the Company's risk management function. From 2001 through 2006, Mr. Michael was employed by Penske Corporation in various finance and treasury roles. Prior to working with Penske, Mr. Michael was a commercial lender for Comerica Bank. Mr. Michael has been instrumental in reducing the Company's leverage and optimizing its capital structure during the challenging pandemic year.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United Kingdom, Canada, and Western Europe, and distributes commercial vehicles, diesel and gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is ranked among the World's Most Admired Companies by Fortune Magazine. For additional information, visit the company's website at www.penskeautomotive.com.

Inquiries should contact:

Anthony R. Pordon
Executive Vice President Investor Relations
and Corporate Development
Penske Automotive Group, Inc.
248-648-2540
tpordon@penskeautomotive.com

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SOURCE Penske Automotive Group, Inc.

FAQ

Who has been appointed as the new CFO of Penske Automotive (PAG)?

Michelle Hulgrave has been appointed as the new CFO of Penske Automotive, effective June 1, 2021.

When will the new CFO of Penske Automotive take office?

The new CFO, Michelle Hulgrave, will take office on June 1, 2021.

What role will Aaron Michael assume in Penske Automotive (PAG)?

Aaron Michael has been promoted to Executive Vice President, Financial Services and Global Risk Management.

What was the previous position of Michelle Hulgrave at Penske Automotive?

Before being appointed CFO, Michelle Hulgrave served as Senior Vice President and Corporate Controller.

What experience does Michelle Hulgrave bring to her new role at PAG?

Michelle Hulgrave has a strong background in finance and accounting, having been with Penske Automotive since 2006.