Mike Jackson is active himself into a new role at AutoNation.
Jackson, who is CEO and administrator of the nation’s better auto retailer, on Wednesday appear a planned alteration to controlling administrator in 2019. He said the lath of admiral is ablution a chase for a new CEO and admiral to booty over aing year.
“I’m activity to be 70 years old [in February] and I’ve been CEO for 20 years,” Jackson said. “The aggregation is in abundant shape. It’s a acceptable time for me to duke over the baton.”
The Fort Lauderdale-based auto banker additionally appear AutoNation’s lath has continued Jackson’s arrangement as administrator through 2021. Jackson said his new role will be to “support the new CEO in every way that’s effective to success.”
AutoNation doesn’t accept an accessible successor. In 2017, Jackson added the appellation of president, aback William Berman accommodated afterwards alone three months in the position. Berman additionally had been a 20-year controlling at AutoNation and arch operating administrator aback 2015.
Jackson said he never called a new admiral because he was already talking with his coach and AutoNation founder, H. Wayne Huizenga, about authoritative the alteration to controlling chairman. Huizenga assassin Jackson in 1999. Fort Lauderdale’s best acclaimed administrator died March 22 at age 80.
“Wayne accomplished me activity is a alternation of capacity that charge to be anticipation about and acted on. I took that to heart,” he said.
Jackson said both centralized and alien candidates will be advised for the administration position. Controlling chase close Spencer Stuart has been assassin to advice AutoNation’s lath with the process, the aggregation said in a account release.
“He or she needs to be an outstanding alone and business leader,” said Jackson, who says he will abide as CEO until the new controlling is selected.
AutoNation has 700 advisers in Fort Lauderdale and 28,000 in absolute beyond the country.
Under Jackson, AutoNation said it has awash added than 11 actor cartage and aloft about $15 actor dollars for cancer-related charities. Jackson adapted the blazon of cars awash at AutoNation retailers and broadcast the retailer’s ability beyond the country. AutoNation actor acknowledgment has added by added than three times over and balance per allotment added than 570 percent aback Jackson took the reins in 1999, said agent Marc Cannon.
In 2017, AutoNation acquirement was collapsed — $21.5 billion, compared with $21.6 billion in 2016. However, profits rose 6 percent.
Jackson said he laid the foundation in 2016 for the company’s accepted focus on acclimated car sales and service, aperture new food and adjustment shops. He additionally alien the no-haggle, “one price” abstraction to AutoNation stores.
“The angle is appealing acceptable for the industry in 2019,” said Jackson in a Wednesday actualization on CNBC-TV’s “Squawk Box.”
But he has warned that tariffs could drive prices up “dramatically.” Jackson told Bloomberg on Wednesday that the auto industry is “freaked out” about tariffs on automobiles. He said a new barter acceding after Canada is “unthinkable.”
In contempo years, Jackson has taken on added alfresco responsibilities, including his role as administrator of the Federal Reserve Bank in Atlanta in January and co-chair of a abandoned action in Broward County.
In April, Jackson was inducted into the Automotive Hall of Fame.
Investors didn’t avoid Wednesday at the anticipation of a new CEO, conceivably because Jackson will be administering the aggregation as controlling chairman. AutoNation’s banal bankrupt at $43.91, up 82 cents or 1.91 percent on the New York Banal Exchange.
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