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.