September 29, 2023

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Asbury taps Group 1 exec for CFO slot

Asbury Automotive Group has shut the search for a new CFO with the selecting of Group one Automotive government Michael Welch. He will take above for interim CFO William Stax on Aug. nine. Stax will return to his part as Asbury’s company controller and chief accounting officer.

Welch, forty six, replaces Patrick Guido, who was Asbury’s CFO for a small more than a year. Guido stepped away from his part for individual causes June 24, the organization stated.

Welch is Asbury’s 3rd CFO in the earlier a few decades. Welch, an market veteran, has expended more than twenty decades at the competing community dealership team, most not too long ago as company controller.

Welch will acquire an annual base wage of $550,000 and money incentives of up to eighty five percent of his base wage, Asbury stated in a governing administration filing. After in his placement, Welch also will acquire shares valued at $five hundred,000 to vest throughout a a few-year period of time, a $100,000 relocation allowance and the use of a demonstrator car or truck.

Asbury CEO David Hult stated in a statement that Welch’s considerable encounter in vehicle retail will provide the organization in its long term goals, such as its 5-year system to more than double its revenue by 2025.

“He brings with him a deep being familiar with of the vehicle retail organization alongside with broad encounter in monetary management, treasury, accounting and auditing, which will prove priceless as we continue to execute on our 5-year development system,” Hult stated.

Asbury, of Duluth, Ga., ranks No. 6 on Automotive News‘ listing of the top a hundred and fifty dealership teams based in the U.S., with retail income of 95,165 new vehicles in 2020. Houston-based Group one ranks No. 4 with retail income of a hundred and forty,221 new vehicles last year.