Sonic Automotive, Inc. Announces Hiring of David P. Cosper to Serve as New Chief Financial Officer
CHARLOTTE, N.C., Feb. 1, 2006 -- Sonic Automotive, Inc. , a leading automotive retailer, today announced that Mr. David P. Cosper has agreed to join the Company in March 2006 in the position of Executive Vice President, Chief Financial Officer and Treasurer. Prior to choosing to join Sonic, Mr. Cosper was most recently employed as Vice Chairman and Chief Financial Officer of Ford Motor Credit Company.
Commenting on the hiring of Mr. Cosper, Sonic's President and Chief Operating Officer Jeffrey C. Rachor said, "We are delighted that Dave Cosper has chosen to join Sonic Automotive. Dave has an outstanding track record of success at Ford, working closely with both the investment community and the dealership community. We believe that Dave's operational, financial management and capital markets expertise, combined with his extensive knowledge of the retail automotive business, make him a perfect fit for Sonic Automotive."
In his new role with Sonic, Mr. Cosper will have oversight responsibility for all financial functions of the company, as well as playing a key leadership role in the company's execution of its strategic initiatives of portfolio enrichment, operational improvements, and further development of standardized processes. Mr. Cosper will report directly to Mr. Rachor, Sonic's President and Chief Operating Officer.
Mr. Cosper stated, "I am thrilled to be assuming a leadership role with Sonic and the opportunity to contribute to the company's continued success. I'm excited about the company's future prospects and believe that Sonic is well positioned to deliver increased value to its shareholders."
Prior to agreeing to join Sonic, Mr. Cosper enjoyed a career with Ford Credit and Ford Motor Company that spanned more than 26 years. In his most recent capacity as Vice Chairman and CFO of Ford Credit, Mr. Cosper was responsible for all financial planning, analysis and accounting operations of Ford Credit, as well as risk management, audit and public affairs. Prior to this role, Mr. Cosper served as Assistant Treasurer for Ford Motor Company, where he was responsible for international treasury issues, risk management, trading and treasury operations, systems, and accounting. He also previously served as Executive Director of Corporate Finance at Ford Motor Company, with responsibility for profit analysis, business planning, and competitive and strategic analysis. Mr. Cosper holds a bachelor's degree in finance and a master's degree in business administration from Michigan State University.
About Sonic Automotive, Inc.
Sonic Automotive, Inc., a Fortune 300 Company, is one of the largest automotive retailers in the United States operating 177 franchises and 38 collision repair centers. Sonic can be reached on the Web at www.sonicautomotive.com.