Charlotte, N.C.-based Sonic Automotive (NYSE:SAH) has a new CFO.
On Wednesday, the new and used car retailer announced that it has promoted Chief Information Officer Heath R. Byrd, an Air Force Academy graduate and also a six-year veteran of Sonic, to the position of company chief financial officer. Byrd will replace CFO Dave Cosper, who announced his intention to leave the company last summer, with a planned departure date of sometime in Q1 2013.
Sonic shares reacted positively to the company's prompt replacement of Cosper, as investors bid Sonic up 1.9% in Wednesday trading. The shares closed at $21.89.
Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Are These Dealerships About to Cut TrueCar Out of the Loop?
Both AutoNation and Sonic Automotive have begun developing online car-buying websites that would essentially compete with TrueCar, but should investors be worried? Not yet -- here's why.
2 Auto Companies Making Really Smart Moves Amid Slowing Industry Sales
Sonic's move to develop an online-buying website will exploit a key advantage, and FCA's move to potentially sell its auto-parts business could help salvage part of its five-year plan.
Investor Takeaways From 2 of America's Largest Dealership Groups
As an investor in the automotive industry, it's important to keep tabs on multiple aspects of the industry. In this case, let's take a look at the retail aspect of dealership groups during the second quarter and what they need to do for growth going forward.