DULUTH, Ga. — Craig Monaghan will step down as Asbury Automotive Group’s president and CEO on Jan. 1, 2018, the company announced last week. He will stay on with the group as vice chairman of the board under the company’s 2018 annual meeting of stockholders, and will serve as a non-executive special advisor to the company until he retires on April 30, 2019.
Succeeding in Monaghan is David W. Hult, who has served as Asbury’s executive vice president and COO since November 2014. The more than 30-year automotive retail veteran will also join the company’s board of directors.
"We are thankful to Craig for his dedication to Asbury since originally joining the company in 2008," said Thomas C. DeLoach Jr., chairman of the Asbury’s board of directors. "Craig is responsible for significant growth and value creation at the company, and we appreciate his willingness to continue to serve Asbury in a transitional role following his retirement as president and CEO. David has already contributed greatly to the growth of the company, and the board is unanimous in its belief that David is the ideal next chief executive for Asbury."
Hult has held senior management positions with large public and private automotive retail organizations, including RLJ McLarty Landers Automotive Holdings, Group 1 Automotive and Penske Automotive Group. He now takes over one the largest automotive retail and service companies in the United States. The Fortune 500 company operates 80 dealerships, consisting of 96 franchises, representing 29 domestic and foreign brands.
"I am excited to lead the company and our 8,000 associates and look forward to driving further growth for the company,” Hult said. “I want to thank the board of directors of the company for providing me this opportunity.
“Craig has served as a wonderful mentor since I joined the company,” he added. “I look forward to his continued advice and counsel as we work to ensure a smooth and successful transition."
Monaghan added: "I am delighted that the board has promoted David to president and CEO of the company. I look forward to continuing to work with him to execute Asbury's business strategy and deliver long-term value to stockholders and other stakeholders."
Originally posted on F&I and Showroom