The board of U.S. auto retailer Lithia Motors, Inc. named President and CEO Bryan B. DeBoer chairman effective Oct. 19, concentrating its top management and board roles in one executive.
Lithia disclosed the appointment in an earnings release included as Exhibit 99.1 in its Oct. 21 SEC filing. The company said it expects the combined role to improve coordination between directors and management.
Director Sidney B. DeBoer will become vice chairman and remain on the board. Lead Independent Director Louis P. Miramontes will continue in his role, Lithia said.
Bryan B. DeBoer said Lithia would keep its focus on customer retention, dealership and related-business growth, and disciplined investment. The company said it acquired two Hyundai and two Kia stores in Memphis, Tennessee, in October and expects them to add $250 million in annualized revenue.
Lithia also reported higher adjusted earnings per share and lower adjusted net income for the third quarter, as detailed in earlier coverage of its results.
