AutoNation Appoints Carl Liebert As CEO And President

(RTTNews) - AutoNation Inc. (AN) said that its board unanimously voted to appoint Carl Liebert as new Chief Executive Officer and President, effective March 11, 2019. Cascade Investment and ESL Investments, long-term investors and the two largest AutoNation shareholders, fully support the Board's decision.

Liebert was also named to AutoNation's Board of Directors, effective March 11, 2019. Mike Jackson will assume the role of Executive Chairman of the Board on March 11, 2019.

Liebert currently serves as Chief Operating Officer and Executive Vice President of USAA, a Fortune 100 full-service financial services company, serving nearly 13 million members.

Liebert also served as Executive Vice President, Stores for The Home Depot, where he was responsible for international sales, strategy, execution, and operations, including future supply chain and global sourcing strategy, for the more than 2,000 stores and 250,000 employees.

AutoNation previously announced a cost savings plan and a corporate and regional restructuring to improve efficiency and profitability that further positions the Company for long-term success. The Company's plan to reduce costs by about $50 million annually includes a reorganization and realignment of its operating structure. A key driver is the consolidation of its regional structure from three regions to two regions.

AutoNation incurred restructuring-related charges in connection with this plan during the fourth quarter 2018. The Company expects to incur additional restructuring-related charges in the first quarter of 2019 that are currently estimated to be lower than the charges incurred during the fourth quarter of 2018.