Automotive retailer Asbury Automotive Group, Inc. announced Dec. 20 that it has recruited Kenneth B. Gilman as its new president and chief executive officer. Gilman, 55, joins Asbury Automotive from The Limited, Inc., where he has spent the last 25 years and, from 1993 – 2001, served as vice chairman and chief administrative officer.

Gilman will take over responsibilities held by Thomas Gibson who stepped in as interim president and chief executive officer of Asbury Automotive this past October following the untimely death of Brian Kendrick. Gibson remains chairman of Asbury Automotive.

"We are very pleased that Ken has accepted this position," said Timothy C. Collins, a member of the Board of Directors at Asbury Automotive. "We have known and respected him for some time and have been impressed with his specialty retail operating experience which is directly applicable to the large scale automotive retailing business."

As vice chairman and chief administrative officer of The Limited, Inc., Gilman had responsibility for finance, information technology, supply chain management, production, real estate, legal and internal audit. He was also responsible for implementing The Limited’s acquisition and divestiture program totaling more than fifteen transactions including initial public offerings and spin offs. The acquisitions varied in size. The divestiture program included four leveraged private equity transactions, two initial public offerings, one complete divestiture via an exchange offer and one tax-free spin off.

Early this year, Gilman was appointed CEO of Lane Bryant when The Limited decided to sell that $1 billion women’s plus size business. There, Gilman had responsibility to both manage the business and prepare it for sale, which was successfully transacted in August 2001.

Gilman is a CPA. After receiving a bachelor’s degree from Pace University, he spent three years in the U.S. Navy as a Lieutenant (junior grade), including a one-year tour of duty in the Republic of Vietnam. Upon separation from the Navy, Gilman worked at Coopers & Lybrand for five years prior to joining The Limited.

About Asbury Automotive Group

Asbury Automotive Group, Inc., headquartered in Stamford, Conn., currently operates 132 franchises at 93 dealership locations.

It offers customers a 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.

Asbury Automotive franchises include a diverse portfolio of 36 American, European and Asian brands.