Lithia Motors, Inc. announced the appointment of Philip J. Romero to its Board of Directors. Dr. Romero became a director of the company effective January 1, 2003.
Romero's background combines think-tank economics, corporate strategy, and high-level public policy. Dr. Romero earned a Ph.D. and M.A. in Policy Analysis with Distinction from the RAND Graduate School after earning a B.A. in Economics and Political Science from Cornell University. His work experience includes time with the RAND Corporation as an economist, United Technologies Corporation as director of Corporate Strategy, and the Office of Governor Pete Wilson (California) with multiple responsibilities as chief economist including; chief deputy director for the Office of Planning and Research, national security adviser, executive director of the Managed Health Care Improvement Task Force and deputy cabinet secretary. Dr. Romero is currently the Dean of the Lundquist College of Business at the University of Oregon, a position he has held since the summer of 1999.
Dr. Romero commented, "Lithia is an outstanding company, bringing the benefits of economies of scale and exceptional customer service to a fragmented industry. And it is one of very few NYSE-listed companies headquartered here in Oregon. I am pleased that Oregon graduates find satisfying careers with Lithia, and am happy to do my part to build this great company."
Chairman and Chief Executive Officer, Sidney B. DeBoer, stated, "We are very pleased to have someone of the stature of Dr. Romero join our Board of Directors. With his analytical background, experience in strategic planning and government relations, and his exposure to Human Development at the University of Oregon, Dr. Romero will be invaluable to our company as we continue to grow in the coming years. With the addition of Dr. Romero, Lithia now has a majority of outside directors on its Board."
Additionally, Brian Evans has joined the Lithia management team as vice president of Mergers and Acquisitions. Prior to joining Lithia, Mr. Evans held a variety of field and staff positions, throughout the country, during a 17 year career with Ford Credit. While at Ford Credit he focused on automotive finance, sales and operations. Previous assignments included branch and national account manager positions. Most recently Mr. Evans served in management in the Ford Credit Pittsburgh/Cincinnati Region.
Sidney B. DeBoer, commented, "Brian is the perfect complement to our acquisition team. Because of his previous experience with Ford Credit, he has extensive industry contacts and an in-depth understanding of our business and how to execute acquisitions. He will play an integral part in Lithia's strategic plan of adding at least fifteen percent more stores to the existing store base each year."
Lithia Motors, Inc. is a Fortune 1000 and Russell 2000 Company that sells 24 brands of new vehicles and operates 70 stores and 128 franchises in 10 states in the Western United States and over the Internet through "Lithia.com -- America's Car & Truck Store." Lithia also sells used vehicles; arranges finance, warranty, and credit insurance contracts; and provides vehicle parts, maintenance, and repair services at all of its locations.
