Asbury Automotive Group, Inc., one of the largest automotive retail and service companies in the United States, on Sept. 17 announced that J. Gordon Smith has been named senior vice president and chief financial officer. Smith will replace Thomas F. Gilman, who has decided to leave Asbury.
Smith joins Asbury with more than 26 years of financial management experience with General Electric Co. The last 12 years he has served as CFO for three of GE's largest commercial finance businesses: Corporate Financial Services, Commercial Equipment Finance and Capital Markets.
During Smith's tenure, these businesses developed into global leaders in their fields and were consistently recognized for outstanding achievement by GE, according to Asbury Automotive. "These businesses experienced solid double-digit profit increases each year under his leadership, both through organic and acquisition growth, as he over saw the acquisition of over $40 billion in assets," Asbury said in a statement.
Smith graduated from the University of Massachusetts with a B.B.A in accounting and is a graduate of GE's highly regarded Financial Management Program.
"Gordon Smith's track record at GE is truly outstanding, and we are fortunate to be able to add someone of his caliber to Asbury's senior management team," said Kenneth B. Gilman, president and CEO of Asbury Automotive. "Gordon's vast knowledge of the capital markets, experience growing billion dollar companies organically and through acquisitions, and the financial disciplines he learned at GE should prove to be invaluable to Asbury's growth strategy.
"At the same time, we would also like to thank Tom Gilman for his many contributions to the company, including leading us through our successful initial public offering and a subsequent $250 million subordinated debt offering," Gilman said. "For the past two and a half years, Tom has been commuting between Connecticut and his home in Michigan, and he has decided to return to Michigan to spend more time with his family."
About Asbury Automotive Group
Asbury Automotive Group, Inc., headquartered in Stamford, Conn., is one of the largest automobile retailers in the U.S., with 2002 revenues of $4.5 billion.
Asbury operates through nine geographically concentrated, individually branded "platforms." These platforms currently operate 95 retail auto stores, encompassing 138 franchises for the sale and servicing of 35 different brands of American, European and Asian automobiles.
Asbury says it believes that its product mix includes one of the highest proportions of luxury and mid-line import brands among leading public U.S. automotive retailers. The company says it offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts.
