CHARLOTTE, N.C., March 13 /PRNewswire-FirstCall/ -- Sonic Automotive,
Inc. (NYSE: SAH) Chairman and Chief Executive Officer O. Bruton Smith
announced today a key management realignment for the company, including the
appointment of B. Scott Smith to the position of President, replacing
current President and Chief Operating Officer, Jeffrey C. Rachor, who will
be leaving the Company's employment effective March 23, 2007 to pursue
other opportunities.
(Photo: http://www.newscom.com/cgi-bin/prnh/20070313/CLTU206-a )
(Photo: http://www.newscom.com/cgi-bin/prnh/20070313/CLTU206-b )
The Company also announced that its Board of Directors has invited Mr.
Rachor to remain on the Board, and that Mr. Rachor has agreed to continue
his service as a Director of Sonic.
"Jeff has been a significant driver of the Company's growth and success
over the last ten years, and we wish him great success in his new primary
endeavors," said Bruton Smith. "Since becoming President almost three years
ago, Jeff has focused on developing an outstanding management team that has
consistently executed our operating strategy. We are delighted that he has
accepted our invitation to remain on Sonic's Board of Directors, where he
will continue to contribute to Sonic in the future."
Mr. Rachor, who is leaving to assume a leadership role with another
company, stated "I am very proud of Sonic's accomplishments during my
almost ten years with the Company. It has been a privilege to serve as
Sonic's President and Chief Operating Officer for the past three years, and
I am very appreciative of the confidence and trust placed in me by the
Board and our Chairman during this time. I am also honored to continue my
association with this great company as an Outside Director on the Board.
The Company has a strong management team, a sound strategy and positive
momentum going forward."
In addition to appointment of Scott Smith to President, the Company's
Board of Directors approved other key management realignments in titles and
responsibilities.
In addition to his new role of President, Scott Smith will continue
with his current responsibilities as Chief Strategic Officer. The Board
also appointed Mr. David P. Cosper to the position of Vice Chairman in
addition to his current responsibilities as Chief Financial Officer, and
promoted Mr. James D. Evans and Mr. Frank J. "Jeff" Dyke to the positions
of Divisional Chief Operating Officer, where they will share the Company's
day-to-day operational responsibilities under the oversight of Mr. B. Scott
Smith. In addition, Mr. David B. Smith was promoted by the Board to a
position of increased responsibility as Senior Vice President of Corporate
Development.
Commenting on Scott Smith's appointment to President of the Company,
Mr. Bruton Smith said "Scott has more than 20 years of experience in the
auto retail industry, and has served in important leadership roles for this
Company during its entire ten-year existence. Scott has been instrumental
in the Corporation's strategic development and implementation over the past
four years in his capacity as Vice Chairman and Chief Strategic Officer.
The Board of Directors and I are excited about his resuming the reins as
President." Mr. B. Scott Smith co-founded Sonic Automotive in early 1997,
served as President and Chief Operating Officer of Sonic from April 1997
until October 2002, and as Vice Chairman and Chief Strategic Officer of
Sonic from October 2002 until the present.
Mr. Smith also stated, "Since joining Sonic Automotive as Chief
Financial Officer in March 2006, Dave Cosper has proven to be an
outstanding leader for our Company and has demonstrated his considerable
abilities in the oversight of Sonic's financial and capital management and
strategic direction of the business. Dave has quickly earned both my
confidence and the confidence of our Board of Directors." Mr. Cosper has
over 27 years of financial experience, including most recently as Vice
Chairman and Chief Financial Officer of Ford Motor Credit Company prior to
joining Sonic.
About Sonic Automotive, Inc.
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C.,
is one of the largest automotive retailers in the United States operating
171 franchises and 37 collision repair centers. Sonic can be reached on the
Web at http://www.sonicautomotive.com.
Included herein are forward-looking statements that anticipate future
events or trends. There are many factors that affect management's views
about future events and trends of the Company's business. These factors
involve risk and uncertainties that could cause actual results or trends to
differ materially from management's view, including without limitation,
economic conditions, risks associated with acquisitions and the risk
factors described in the Company's quarterly report on Form 10-Q for the
quarter ended September 30, 2006. The Company does not undertake any
obligation to update forward- looking information.
SOURCE Sonic Automotive, Inc.
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Related links:
http://www.sonicautomotive.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20070313/CLTU206-a
http://www.newscom.com/cgi-bin/prnh/20070313/CLTU206-b
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/125546.html /
CONTACT:
Scott Smith, President, +1-704-532-3320, or
David Cosper, Chief Financial Officer, +1-704-566-4983, both of
Sonic Automotive, Inc.
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