Hometown Auto Announces New Chief Financial Officer
9 May 2000
Hometown Auto Announces New Chief Financial Officer
WATERTOWN, Conn.--May 9, 2000--Hometown Auto Retailers, Inc. (Nasdaq NM: HCAR) today announced the election of a new Chief Financial Officer.Hometown's Board of Directors elected Michael J. Shonborn, the Company's Corporate Controller, to the position of Chief Financial Officer and Secretary effective April 15, 2000, to replace John C. Rudy, who resigned to return to his consulting firm, Beacon Consulting Associates.
Mr. Shonborn has been the Company's Corporate Controller since September 1999. Prior to joining Hometown, he served as First Vice President and Chief Financial Officer of Riverside National Bank, a publicly held commercial bank. Mr. Shonborn is a licensed Certified Public Accountant. He earned his Bachelor's Degree in Accounting from Whittier College and an M.B.A. in Business Strategy and Finance from Yale University.
Corey Shaker, President and Chief Operating Officer, said, "Mike brings a tremendous amount of expertise to our organization, both from his past experience and the world-class business techniques he acquired as a Yale MBA. His expertise in business strategy and finance will add great value as we refine our business focus to yield the financial results required for continued growth. In the near term, Mike will also implement our technology solutions, focus on cost reduction and will streamline our operations. Overall, we see Mike's appointment as an extremely positive influence on the company and I eagerly anticipate the results of his efforts in this exciting phase of our development."
With regard to the timing of Mr. Shonborn assuming CFO responsibilities, Shaker stated, "John Rudy served as CFO through the difficult transition from a group of privately owned businesses to a single entity, public corporation. We are pleased to be moving past that phase of our development. On behalf of the directors and employees of Hometown, I would like to extend our good wishes to John in all his future endeavors."
Hometown Auto Retailers sells new and used cars and light trucks, provides maintenance and repair services, sells replacement parts and provides related financing, insurance and service contracts through 11 franchised dealerships located in New Jersey, New York, Connecticut, Massachusetts and Vermont. The Company's dealerships offer 13 American and Asian automotive brands, including Chevrolet, Chrysler, Daewoo, Dodge, Ford, Isuzu, Jeep, Lincoln, Mazda, Mercury, Oldsmobile, Plymouth and Toyota. The Company is active in two "niche" segments of the automotive market: the sale of Lincoln Town Cars and limousines to livery car and livery fleet operators and the maintenance and repair of cars and trucks at a Ford and Lincoln Mercury factory authorized free-standing service center.
This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results or achievements may be materially different from those expressed or implied. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, its ability to consummate, and the timing of, acquisitions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Therefore, there can be no assurance than any forward-looking statement will prove to be accurate.