BLOOMFIELD HILLS, Mich. — Penske Automotive Group Inc. announced Monday that David K. Jones, the company’s vice president and CFO of its European operations, has been named executive vice president and chief financial officer, effective immediately.

Jones replaces Robert O’Shaughnessy, who has resigned from his role as executive vice president and chief financial officer to accept a similar position with another company.

Chairman Roger Penske commented, “Bob has led our finance team and helped develop a culture that has served us well during our substantial growth, as well as during the recent economic uncertainties. He has been a valuable member of our management team and the foundation he helped establish will continue to serve us in the future. We wish him great success in his new role.”

Jones joined Penske Automotive in 2003. He has served in a number of leadership roles in the finance function, including the most recent role as CFO of the company’s European operations. In his new role, Jones will report to Roger Penske and will be responsible for all aspects of the company’s financial operations.

Commenting on the appointment, Penske said, “Dave has a strong operational and technical finance and accounting background. Dave’s experience and knowledge will help us maintain the integrity and discipline of our financial operations and will provide a solid foundation for success as he takes on this new role.”