Penske Automotive Group Inc., as element of succession preparing, named Roger Penske’s son Greg Penske vice chairman of the vehicle retailer, Penske Automotive mentioned Wednesday. The car retailer also introduced two new COO positions, with all changes efficient Jan. 1.
Penske Chairman and CEO Roger Penske introduced the moves all through the company’s fourth-quarter earnings phone with analysts and investors.
“These new roles will operate in tandem both of those with me and Rob Kurnick, our president, and our government management staff, though creating even more depth to make certain we have the greatest leadership in location,” Roger Penske, who turns 86 this thirty day period, advised analysts and buyers.
Roger Penske has no plans to retire, Penske Automotive spokesman Anthony Pordon explained to Automotive Information. Penske Sr. has led the firm given that 1999.
In 2019, Roger Penske advised Automotive News that his organization has a superior succession strategy, noting his sons Greg and Roger Jr. each and every experienced served on the board of Penske Automotive and Penske Truck Leasing advisory board, switching spots every a few years.
Pordon said the two sons will no more time swap boards. Roger Penske Jr., Roger’s oldest son, also on Jan. 1 grew to become vice chair of the Penske Truck Leasing board, Pordon stated.
Greg Penske, 59, is CEO of Penske Motor Team, which has Toyota and Lexus dealerships in California and Texas. He joined the Penske Automotive board in May 2020 and earlier was a director from May possibly 2014 to May well 2017. He has been on Penske Corp.’s board since 1999.
Penske Automotive also produced two new COO roles, advertising and marketing executives.
Richard Shearing,48, is Penske Automotive’s COO of North American operations, responsible for U.S. retail automotive and North American industrial truck functions. He beforehand was president of Penske’s Leading Truck Group from February 2015. Shearing began his occupation as an engineer with Detroit Diesel in 1997. He also has labored for the Sterling and Western Star division of Daimler Trucks North The us and Freightliner.
Randall Seymore,49, is COO of Penske Automotive’s worldwide operations, overseeing retail automotive in the U.K., Europe and Japan, and business truck and ability units operations in Australia and New Zealand. He most recently was Penske Automotive’s executive vice president of world-wide functions for professional vehicles and energy programs from October 2021. Prior to that, Seymore was president of Penske Transportations Team Global, heading its launch and expansion in Australia and New Zealand from August 2013 to Oct 2021.
Daniel Imbro, an analyst with Stephens Inc., told Automotive News that the govt and board modifications will support exhibit traders the company’s administration depth.
“These variations seem to insert a composition to the company that eventually could situation it to a change in excess of time or keep on it scaling to a more substantial company,” Imbro reported. “Having a a lot more outlined structure will make it a a lot more effective business and displays buyers there is a strong administration staff guiding it. Selling and generating these variations with seasoned veterans at Penske definitely highlights to investors the depth and breadth at Penske that assist run the organization day-to-working day.”
Penske Automotive, of Bloomfield Hills, Mich., ranks No. 3 on the most recent Automotive News‘ list of the leading 150 dealership groups centered in the U.S., retailing 195,384 new vehicles in 2021.