Asbury Automotive Group, Inc., announced the formal transition of David Hult from CEO to Executive Chairman.
“During his tenure, David Hult led Asbury through the largest period of growth in the company’s history,” said Tom Reddin, Asbury’s non-executive chairman. “Asbury’s revenue more than doubled, share price tripled, and earnings per share nearly quadrupled. Aided by a bold acquisition strategy that generated an aggregate net return on investment in the mid-teens and ahead of our expectations, Asbury has been transformed from a smaller regional player to one with scale in highly attractive markets with the most desirable brands across 14 states and 158 dealerships.”
Hult has also been a strong advocate for innovation through strategic investments in technology. Under his leadership, the company launched Clicklane, a fully digital, end-to-end transactional tool. More recently, he has championed our transition to the Tekion dealer management system, a cloud-based platform that is expected to enable the company to fundamentally change the retail experience for our guests at a lower cost.
Hult’s passion for the business, from his early days as a sales advisor to his most recent role as CEO, is most evident in his focus on creating a guest-centric culture. A tireless emphasis on doing the right thing for our guests is our North Star and will continue to be the centerpiece of our strategy as we look to the future.
“On behalf of the entire Asbury Board of Directors, I want to thank David for his vision, leadership and relentless work ethic in transforming the company and generating tremendous growth in shareholder value,” said Reddin. “We look forward to his continued partnership in his new role as Executive Chairman.”
“David’s visionary leadership and steadfast commitment to our people have laid the foundation for Asbury’s growth into the company it is today,” said new Asbury CEO Dan Clara. “Under his guidance, we have achieved remarkable growth while remaining anchored to our North Star: becoming the most guest-centric automotive retailer in the industry. I am deeply grateful for his mentorship and the trust he has placed in me throughout this journey. I look forward to building on that extraordinary legacy—leading a high-performing team and driving operational excellence across every function and in every store throughout our organization.”
