- Push-out Score suggests push-out forces
- After almost seven years on the job
- Accolades, praise and thanks for Monaghan
- David Hult taking over
- Monaghan will remain as Vice Chairman of the Board at Asbury
- Monaghan spoke briefly and said 39 words
(exechange) — Duluth, Georgia, August 22, 2017 — Craig Monaghan, chief executive of Asbury, leaves. His departure is made public at an early stage. As announced by Asbury Automotive Group, Inc. in a news release and in a regulatory filing published on Tuesday, August 22, 2017, Craig T. Monaghan leaves the post as Chief Executive Officer at the automotive retail and service company in a surprising move after almost seven years on the job, effective December 31, 2017.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.8 years, according to data compiled by exechange.
Monaghan’s duties are taken over by David Hult, currently Chief Operating Officer at Asbury Automotive Group, Inc.
No reason given
In the announcement, Asbury did not explicitly explain the reason for Monaghan’s move, opening the door for speculation.
Monaghan will remain as Vice Chairman of the Board at Asbury
“Under the planned succession, and in furtherance of the Company’s long-term strategic goals, effective January 1, 2018, Mr. Monaghan will become Vice Chairman of the Board until the date of the Company’s 2018 annual meeting of stockholders. Mr. Monaghan also will serve as a non-executive Special Advisor to the Company until his retirement on April 30, 2019,” Asbury said.
Asbury said: “Craig T. Monaghan, the Company’s President and Chief Executive Officer, will retire from those positions effective December 31, 2017.”
Share price decline
The change follows a decline in the share price of Asbury Automotive Group, Inc. since July 2015.
Chaired by Thomas C. Deloach
Asbury Automotive Group, Inc. is chaired by Thomas C. Deloach.
Thomas C. Deloach has served as the Company’s Non-Executive Chairman since August 2011.
On the job as CEO since 2011
Craig T. Monaghan has served as the Company’s President and Chief Executive Officer since February 9, 2011, and as a member of the Board and of the Executive Committee since April 2011.
Prior to becoming the Company’s President and Chief Executive Officer, Monaghan served as the Company’s Senior Vice President and Chief Financial Officer from May 2008 until February 2011, and continued as the Company’s principal financial officer until we hired a new Chief Financial Officer in June 2011.
Prior to joining the Company, Monaghan served as the Chief Financial Officer of Sears Holding Corp., a national broadline retailer, between September 2006 and January 2007.
From May 2000 to August 2006, he served as Executive Vice President and Chief Financial Officer of AutoNation, Inc., the largest automotive retailer in the United States.
Previously, Monaghan served as Chief Financial Officer of iVillage.com, which he helped take public in 1999.
Earlier in his career, he was employed by Reader’s Digest Association, Bristol-Myers Squibb Co. and General Motors Corp.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Craig Monaghan’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 35.2017 ($).