CHARLOTTE, N.C., Aug. 23 /PRNewswire-FirstCall/ -- Sonic Automotive, Inc.
(NYSE: SAH) announced today that its Executive Vice President, Chief Financial
Officer and Treasurer, Mr. E. Lee Wyatt, Jr., will be leaving the Company
effective September 6, 2005. Mr. Wyatt joined Sonic Automotive as Chief
Financial Officer in April 2003. The Company is initiating a formal search
for a successor CFO.
Mr. O. Bruton Smith, Chairman and CEO of Sonic Automotive, Inc., stated,
"Lee Wyatt has contributed a great deal to Sonic Automotive during his tenure
at our Company. He has developed a very capable financial team that will
ensure continuity and an orderly transition as our Company searches for a new
CFO. We are thankful for his contributions and wish him well in his future
endeavors. Lee is leaving us in a strong position."
Mr. Wyatt, who is leaving to assume a leadership role with another
company, stated, "I have received an offer that presents a unique opportunity
that I am interested in pursuing. I have enjoyed my time at Sonic Automotive
and am very appreciative of the opportunity that I've had to serve as the
Company's CFO. I'm proud of the progress that we've made at Sonic in the past
two years with operating process improvements and standardization. The
Company has a strong management team, a sound strategy and positive momentum
going forward."
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C., is
one of the largest automotive retailers in the United States operating 185
franchises and 39 collision repair centers. Sonic can be reached on the Web
at http://www.sonicautomotive.com.
The information contained in this release contains certain 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 Exhibit 99.1 to the company's quarterly
report on Form 10-Q for the quarter ended June 30, 2005. 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
Company News On-Call:
http://www.prnewswire.com/comp/125546.html
CONTACT:
Jeffrey C. Rachor, President and COO,
+1-704-566-2466, or E. Lee Wyatt, Chief Financial Officer,
+1-704-566-2415, or J. Todd Atenhan, Investor Relations,
+1-888-766-4218, all of Sonic Automotive, Inc.
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