Asbury Automotive Group Appoints McLarty to Vice Chairman
5 June 2000
Asbury Automotive Group Appoints McLarty to Vice Chairman
STAMFORD, CT--June 5, 2000--Asbury Automotive Group, the third largest dealership group in the United States, today announced that it has appointed Thomas F. "Mack" McLarty, III, 53, Vice Chairman of the Asbury Automotive Group. In addition to his current responsibilities as Chairman and Chief Executive Officer of Little Rock, Arkansas-based McLarty Automotive Group, majority owned by the Asbury Automotive Group, Mr. McLarty will assist the company in the areas of strategy, manufacturer relations, and governmental affairs.Mr. McLarty is a seasoned executive whose professional career includes leadership positions in both the automotive sector, as well as national and state government. He is currently Vice Chairman of Kissinger McLarty Associates, an international consulting firm, which provides strategic advisory and advocacy services to U.S. and multinational businesses. Mr. McLarty's prior business experience includes a successful tenure with Arkla Gas Company - a Fortune 500 company - where in 1976 he became the youngest member ever elected to the company's Board of Directors, and later became the company's Chairman and Chief Executive Officer in 1983. Under his direction, Arkla grew into one of the nation's largest gas distribution companies, which included significant exploration and pipeline operations.
Mr. McLarty has also served on the boards of many corporate and non-profit institutions, and has held positions with the two most recent presidential administrations. He was an economic advisor for President Clinton's 1992 presidential campaign, and has served in the Clinton administration in several key positions: Chief of Staff, Counselor to the President, Special Envoy for the Americas, and over five years of service in the President's Cabinet and on the National Economic Council. Prior to that, Mr. McLarty was appointed by President Bush to the National Petroleum Council and the National Council on Environmental Quality. He was also a member of the St. Louis Federal Reserve Board from 1989 to 1992.
Brian E. Kendrick, President and Chief Executive Officer of Asbury Automotive Group, stated, "We are very pleased to name Mr. McLarty to this important position within our company. Mack's extensive background in business and government, coupled with over three decades of experience in automotive retailing, makes him ideally suited for this position. In addition, his strategic approach in managing large, dynamic organizations will provide a unique perspective as we execute our long-term growth plans."
"This is an exciting period of profound change in the automobile industry," McLarty, a third-generation owner- operator of auto dealerships, said. "The rapid consolidation of the industry creates challenges that we must turn into real and lasting benefits for our customers, as well as opportunities for our people."
McLarty continued, stating, "The top-quality management teams of Asbury partnerships across the country are focused on establishing long-term customer relationships. These relationships are, and will continue to be, based on innovative new ways of doing business, founded in traditional American business values. It is a privilege to become part of Asbury senior management, and the quality that exists at all levels of this forward-thinking organization."
Mr. McLarty graduated summa cum laude from the University of Arkansas in 1969. During his tenure with Arkla, McLarty was personally recognized for several major initiatives, including a 1992 award from the NAACP, and the April 1990 Nature Conservancy recognition for preserving environmental quality. Additionally, Mr. McLarty and his wife, Donna, have been jointly honored with the National Conference of Christians and Jews Humanitarian Award and the American Natural Gas Association Public Service Award.
Asbury Automotive Group is the third largest automotive retailer in the United States with pro forma revenue in excess of $4 billion. The company is comprised of eight regional automotive groups consisting of approximately 90 dealerships representing 120 franchises located in Arkansas, Florida, Georgia, Mississippi, Missouri, North Carolina, Oregon, Virginia, and Texas. In addition, the company co- founded www.greenlight.com in 1999, the fastest growing online car-buying website.