Group 1 Automotive Appoints New Chief Executive Officer
HOUSTON--April 11, 2005--Group 1 Automotive, Inc. , a Fortune 500 specialty retailer, today announced the appointment of Earl J. Hesterberg as Chief Executive Officer and President and as a director.Mr. Hesterberg, 51, most recently served as Group Vice President, North America Marketing, Sales and Service for Ford Motor Company. Prior to this position, he served in a similar role for Ford Europe. Hesterberg has also served as President of Gulf States Toyota, as well as held various senior sales, marketing, general management, and parts and service positions with Nissan Motor Corporation in U.S.A.
"Group 1 Automotive has assembled a tremendous group of employees and franchises that are well positioned to capitalize on opportunities in the automotive retailing sector," Hesterberg said. "I am excited to be a part of such a dynamic and forward-thinking group."
B.B. Hollingsworth, Jr., a co-founder of Group 1, will retire as an executive of the Company, but will continue as a member of the Board of Directors. Mr. Hollingsworth has served as Chairman of the Board since March 1997 and as President, Chief Executive Officer and a director of Group 1 since August 1996.
"I am pleased that Earl will be joining the Group 1 management team," said Hollingsworth. "His broad geographic, brand and management experience will enhance our abilities to achieve our goals. I would also like to take this opportunity to thank the other founders of Group 1, as well as all of the other co-workers who have worked so hard to make our dream a reality."
In addition, the Board appointed John L. Adams, the Company's current presiding director, as non-executive Chairman of the Board. Mr. Adams has been a member of the Board since November 1999. Mr. Adams is currently Executive Vice President of Trinity Industries, Inc., one of North America's largest manufacturers of transportation, construction and industrial products. Prior to joining Trinity, he was Chairman and CEO of Texas Commerce Bank, National Association (Chase Bank of Texas).
"We are deeply appreciative of the role Ben has played in establishing Group 1 as one of the leading players in the automotive retailing industry," said Mr. Adams. "We look forward to building on that strength and capitalizing on Earl's extensive background in the automotive sector as he directs the Company's strategy for continued growth and higher levels of profitability."
About Group 1 Automotive, Inc.
Group 1 owns 96 automotive dealerships comprised of 142 franchises, 33 brands and 32 collision service centers located in California, Colorado, Florida, Georgia, Louisiana, Massachusetts, New Jersey, New Mexico, New York, Oklahoma and Texas. Through its dealerships and Internet sites, the company sells new and used cars and light trucks; arranges related financing, vehicle service and insurance contracts; provides maintenance and repair services; and sells replacement parts.
Group 1 Automotive can be reached on the Internet at www.group1auto.com.