Asbury Automotive Group Inc. Chief Financial Officer Craig T. Monaghan has been named as the successor of 64-year-old Charles Oglesby, who stepped down as president and CEO recently.
Until his retirement at the end of July, Oglesby will be chairman of Asbury's board of directors. Oglesby is credited for leading the auto dealer group through cost cuts.
It can be recalled that during the U.S. auto sales downturn in 2008 and 2009, Oglesby moved the company from New York to suburban Atlanta. The top sellers in Asbury’s stores are Honda Motor Co., Nissan Motor Co., and Toyota Motor Corp.
In a recent quarter, almost 40% of Asbury sales were luxury vehicles. Oglesby had served as the CEO since May 2007, after joining Asbury in 2002.
In a company press statement, Asbury director Michael Durham said appointing Monaghan as CEO was "the logical progression considering his impact on and knowledge of Asbury" due to his seven-year experience as CFO at the top U.S. auto dealer group AutoNation Inc. and his three years at Asbury.
Monaghan, 53, started his auto career as an engineer at a General Motors Co. assembly plant and he later worked in GM's treasurer's office in New York. In addition, Asbury revealed that Chief Operating Officer Michael Kearney has been promoted to executive vice president. [via autonews - sub. required]