BLOOMFIELD HILLS, Mich. -

Penske Automotive Group announced its new executive vice president and chief financial officer on Monday to replace Robert O’Shaughnessy. The company appointed David Jones to the position.

Jones — who had been serving as the president and CFO within Penske’s European operations — stepped into the role immediately.

As for O’Shaughnessy, this executive stepped down to take a similar position with a different company.

“Bob has led our finance team and helped develop a culture that has served us well during our substantial growth, as well as during the recent economic uncertainties,” said company chairman Roger Penske.

“He has been a valuable member of our management team and the foundation he helped establish will continue to serve us in the future,” he continued. “We wish him great success in his new role.”

Jones, meanwhile, has been with the company since 2003 and has held several finance leadership positions. In the new post, Jones will head up all financial aspects of the company and will report directly to the chairman.

“Dave has a strong operational, technical finance and accounting background,” Penske noted.

“Dave’s experience and knowledge will help us maintain the integrity and discipline of our financial operations and will provide a solid foundation for success as he takes on this new role,” he added.