AutoNation stock rises on new CEO appointment
Miller is the first female CEO of publicly traded automotive retail company
AutoNation’s stock was up by nearly 11 percent in trading Tuesday following Monday’s appointment of new CEO Cheryl Miller, who had been chief financial officer of AutoNation.
The stock closed at $46.50 a share, up $4.55, on the New York Stock Exchange. AutoNation stock has a 52-week range of $32.83 to $49.76 a share.
Miller is the first female CEO of a publicly traded automotive retail company. She also is the first woman who is CEO of a publicly traded company in South Florida and one of only a few in the state.
Executive chairman Mike Jackson, who had appointed a new CEO four months ago, said Monday that Miller would be replacing CEO Carl Liebert.
He said Liebert was “not a good fit” having come from a different industry.
Liebert was previously chief operating officer of United Services Automobile Association, a financial services company.
ON CNBC-TV’s “Squawk Box” Tuesday morning, Jackson said “there will be no other shoe that drops” concerning the CEO switch.
Jackson said Miller, who has been chief financial officer since 2014, had the experience in the auto industry, both at AutoNation since 2009 and from her previous positions at Deerfield Beach-based automotive services company JM Family Enterprises and Alamo /National Car Rental brands.
“I’ve seen the cycles” of the automotive retail business, Miller said on CNBC. AutoNation announced a headquarters restructuring in January to reduce costs by $50 million.
He also credited Miller with AutoNation’s partnership struck in 2017 with California-based self-driving program Waymo.