DULUTH, Ga. -

With president and chief executive officer Charles Oglesby set to retire this summer, Asbury Automotive Group unveiled its revamped leadership structure on Thursday, revealing its new president and CEO while also announcing the role in which Oglesby will serve until he steps down from the company July 31.

Asbury’s president and CEO is now Craig Monaghan, who takes on the role after serving as the company’s senior vice president and chief financial officer.

Oglesby is now the chairman of Asbury’s board of directors and will stay in that role until his July 31 retirement date.

Meanwhile, Asbury promoted senior vice president and chief operating officer Michael Kearney to the role of executive vice president.

The company is currently looking for a new CFO. Asbury also said that the board is currently formulating a succession plan for the chairman position, which becomes open when Oglesby steps down this summer.

“Asbury is fortunate to have an executive on deck with Craig’s credentials. He has worked closely with Charles over the years in designing and implementing the strategy that has guided Asbury through the recent financial crisis and positioned the company for continued success,” stated Michael Durham, an Asbury director speaking on the board’s behalf.

“Elevating Craig to his new post is the logical progression considering his impact on and knowledge of Asbury. Craig has extensive executive experience within the automotive retail industry including his seven years as the CFO of AutoNation Inc. and his three years as the senior vice president and CFO of Asbury,” Durham continued.

Sharing more about Monaghan’s career experience, officials noted that he got his start at a General Motors assembly plant, where he was an engineer. He would go on to serve in the automaker’s New York treasurer’s office.

“I could not be more thrilled or honored with the trust and confidence that the board of Asbury has placed in me as the new president and CEO,” Monaghan said. "I am excited about the opportunity to continue working with Asbury’s 7,000 employees in reinforcing the company’s position as one of the most admired automotive retailers in the U.S.

“Furthermore, I am appreciative of the mentoring and friendship with Charles over the years,” he continued. “He has provided the spark that ignited the company’s profound transformation, creating the Asbury you see today.”

Moving along, the company noted that Oglesby — who will mark his 65th birthday this year — has expressed openly his desires to retire and to follow some “family and personal goals.”

“Charles has had a tremendous impact on Asbury as a company as well as on the lives of Asbury’s employees,” Durham stated. "We offer our heartfelt thanks for his service to Asbury and commend his 40-plus years of demonstrated success in the automotive retail industry.

“It is his vision that inspired the changes driving the company’s improved performance,” Durham continued.

Oglesby offered some perspective about his time with the company, noting: “I have had a phenomenal ride over the last nine years at Asbury. Coming out of my first retirement to join the Asbury family is one of the best decisions that I have ever made.

“I look forward to re-retiring and fulfilling some of the personal goals that I put on hold in 2002. I have no doubt that Asbury is in great hands as Craig is well known among the automotive and investor communities,” Oglesby added. “We have been working in tandem to develop and implement our transition plan. Craig and Michael will continue to make Asbury a stronger company.”

Moving along, Durham also provided some commentary regarding Kearney’s move into the role of executive vice president.

“Michael has more than 30 years of automotive retail experience during which he has cultivated numerous deep relationships with our manufacturing partners,” Durham shared. “He has a proven track record at Asbury and possesses close working relationships with Asbury’s store-level general managers. He will be working in close coordination with Craig in leading the company.”

Discussing Oglesby, Kearney revealed: “I am excited for Charles personally, but I will miss him professionally. I look forward to working closely with Craig as we lead Asbury going forward. Craig and I have witnessed Charles’ leadership firsthand and we have learned from him.”

Additionally, with Oglesby taking on the post as chairman, Asbury’s board created a new position — lead independent director. Chosen to fill that post is current Asbury director Thomas DeLoach.

DeLoach used to be an executive at Mobil Corp.

“I look forward to this opportunity to serve the board in a leadership role during this important transition,” DeLoach said. “We are a better company because of Mike Durham’s leadership as the prior non-executive board chair. I look forward to his continuing service on Asbury’s board of directors.”