Asbury CFO Keith Style leaves at short notice

  • Signs for push-out forces
  • After about three years on the job
  • Praise, thanks and good wishes for Style
  • William Stax taking over in the interim
  • Search for a successor

(management-change.com) — Duluth, Georgia, January 25, 2017 — Keith Style, finance chief of Asbury, leaves. It is a change at short notice. As announced by Asbury Automotive Group, Inc. in a news release and in a regulatory filing published on Wednesday, January 25, 2017, Keith Style leaves the post as Chief Financial Officer at the automotive retail and services company in a surprising move after about three years on the job, effective March 07, 2017.

Asbury will undertake a search for a successor.

Style’s duties are taken over in the interim by William Stax, currently Corporate Controller and Chief Accounting Officer at Asbury Automotive Group, Inc.

Style will be President and Chief Financial Officer at a privately-owned company

“Keith Style provided notice of his intention to resign from the position of Senior Vice President and Chief Financial Officer of the Company effective March 7, 2017, to accept the position of President and Chief Financial Officer of a privately-owned company,” Asbury said.

The name of the company was not immediately disclosed.

Share price decline

The change follows a decline in the share price of Asbury Automotive Group, Inc. since July 2015.

MSD Capital holds 9.03 percent stake

MSD Capital, L.P. reported a 9.03 percent stake in Asbury Automotive Group, Inc. as of September 30, 2016. MSD Capital is an investment vehicle owned and controlled by Michael Dell and his family.

Chaired by Thomas C. Deloach

Asbury Automotive Group, Inc. is chaired by Thomas C. Deloach.

Deloach has served as Non-Executive Chairman since August 2011 and, prior to that time, served as Lead Independent Director since February 2011.

CEO: Craig Monaghan

Craig Monaghan serves as CEO of Asbury Automotive Group, Inc. Monaghan has been the Chief Executive Officer and President at Asbury Automotive Group, Inc. since February 9, 2011.

On the job as CFO since 2014

Style has been the Chief Financial Officer at Asbury Automotive Group, Inc. since January 01, 2014 and its Senior Vice President since January 1, 2014.

Previously, he served as VP of Finance, overseeing the company’s operational financial functions, management reporting and process improvement initiatives.

Style has held several roles at Asbury since joining the company in 2003, including Vice President of Investor Relations, Director of Budgeting & Forecasting and Assistant Controller.

Style began his career in public accounting and holds a B.A. in Economics and Business from Lafayette College.

Signs for push-out forces

It is not completely certain what forces eventually triggered Keith Style’s move.

The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.

Read the full story in the management-change.com report 05.2017 ($).