AutoNation Inc. has hired a new CFO in what is the auto retailer’s second major executive change within the last few weeks.
Thomas Szlosek, 59, an executive from outside the auto industry, will start by Aug. 7, the Fort Lauderdale, Fla., company announced Tuesday.
He replaces Joe Lower, who come August will move to a newly created role at the company overseeing “business transformation initiatives,” AutoNation said.
Lower was named CFO in late 2019 after working in that role at office-supplies company Office Depot.
“I am excited to welcome a best-in-class Fortune 500 CFO and business leader like Tom to the AutoNation team,” AutoNation CEO Mike Manley said in a statement. “He has delivered outstanding results across multiple industries.”
Szlosek since December 2018 has been CFO of Avantor Inc., a products and services company focused on biopharmaceuticals, health care, education and government, advanced technologies and applied materials. He also has CFO experience at Honeywell International, where AutoNation said he executed $8 billion in acquisitions.
Szlosek will report to Manley and focus on areas including finance operations, investor relations, real estate services and risk management.
AutoNation will pay Szlosek an annual base salary of $825,000 and a sign-on payment of $1 million cash, according to a regulatory filing. He also will receive a one-time grant of $1.5 million in restricted stock and a one-time grant of $1 million in performance-based restricted stock, according to the filing.
The CFO change follows AutoNation’s disclosure May 1 that Marc Cannon, 61, the company’s chief customer experience officer, would shift to a short-term philanthropic role and then retire at year end. Cannon, a longtime AutoNation employee, was the company’s CMO before taking on his customer experience role, which included oversight of technology, marketing and advertising, brand, e-commerce, customer relations and communications.
Richard Lennox, a former department store, toy company and jewelry store marketing executive, was to become AutoNation’s new CMO effective Monday.
AutoNation ranks No. 2 on Automotive News‘ list of the top 150 dealership groups based in the U.S., with 229,971 new-vehicle sales in 2022.
