Asbury Automotive Group has executed its rotation of chairs policy with the appointment of its current board member Thomas Reddin as the new non-executive chairman of the board effective immediately, replacing Thomas DeLoach.
DeLoach, the board's non-executive chairman since August 2011, will continue to serve as a director on Asbury's board of directors.
"It has been an honor to serve as the Non-Executive Chairman of Asbury Automotive for the past eight years," said DeLoach. "Consistent with the Company's commitment to ongoing board refreshment and succession plan, Mr. Reddin is assuming the non-executive chairman role. I am confident in the strength of Mr. Reddin's leadership, and I believe he has the right mix of experience and skillsets to be successful in the non-executive chairman role."
David Hult, the company's president and chief executive officer, said of DeLoach's service as non-executive chairman, "On behalf of Asbury Automotive Group, I want to thank Tom DeLoach for his leadership, strategic insight and steadfast support of our company. I am glad we will continue to work with him as a member of the Board on creating long-term shareholder value."
"I am honored to serve as Non-Executive Chairman of this great company," Reddin said. "As the retail automotive landscape continues to evolve, Asbury is already transforming the guest experience, and I look forward to further contributing to the company's growth and success."
Hult stated, "Asbury has already benefited from Tom Reddin's wealth of experience and knowledge, and I look forward to working closely with him as our next Non-Executive Chairman."
Subsequently, the board appointed Philip Maritz to succeed Reddin as chair of the governance and nominating committee.
The automotive group has also announced that the board has approved an exception to its rotation of chairs policy for Eugene Katz, who has served on the Board since January 2007. Katz will remain as chair of the audit committee for one additional year.