The president and CEO of Asbury Automotive Group has retired, and was replaced by another executive at the Duluth company.
Charles R. Oglesby, the former CEO, will assume the role of chairman of the board until he retires July 31. Craig T. Monaghan, the former chief financial officer, has taken over Oglesby's roles.
The timing was such that Monaghan's name would appear as CEO on the company's proxy statement, he said.
Asbury, which moved from New York to Duluth in 2009, faced trouble during the recession and received a letter from an auditor questioning whether it could continue as a going concern. Since then, the company -- which is one of the largest automotive retailers in the country -- has righted itself, and Monaghan said he sees a bright future for the business.
Monaghan said he plans to make the car-selling process more transparent at the dealerships and will continue to find efficiencies in the business. He will also look to use technology, like iPads, to speed up the car sales process.
"The challenge is to make this company everything it's capable of being," he said. "This is a big change, but nothing has changed. We will continue to stay the course."
Asbury is conducting an external search to replace Monaghan as CFO. Additionally, Michael Durham stepped down as board chairman and Michael S. Kearney was promoted to executive vice president.
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