Shamla Naidoo’s Extensive Background in
Technology, Data, and Privacy Provides Asbury Automotive Group with
Additional Cyber Security Insight
Asbury Automotive Group, Inc. (NYSE: ABG) (“Asbury” or the
“Company”), one of the largest automotive retail and service
companies in the U.S., announced today the appointment of Shamla
Naidoo to its Board of Directors effective January 1, 2025. The
Board has appointed Ms. Naidoo to the Audit Committee and the
Compensation & Human Resources Committee. Ms. Naidoo’s election
brings the total number of directors to ten, nine of whom are
independent, including Ms. Naidoo.
“We are thrilled to welcome Shamla to the Board. She is a
tremendous addition and we are fortunate to have her,” said Board
Chair Tom Reddin. “In particular, Shamla’s in-depth experience with
technology and cybersecurity issues will greatly enhance our
Board’s capabilities.”
“Shamla brings an added dimension,” said David Hult, CEO of
Asbury Automotive Group. “Her knowledge regarding information
security and her ability to assess related risk are tremendous
assets, and make us a stronger organization.”
Ms. Naidoo began her career as a hands-on technologist and
leveraged her proficiency in technology innovation, security,
privacy, and regulatory compliance to drive global risk management
programs. She brings a rare mix of global business experience,
cyber and technology skills, and legal knowledge, and over the last
thirty years has worked across various industries in countries on
six continents. In these roles, she has helped companies better
execute on their digital transformation journey and technology
adoption. She is a frequent lecturer on the issues of emerging
technologies and global privacy law.
From August 2015 to June 2021, Ms. Naidoo served as Vice
President, Technology Risk & Global Chief Information Security
Officer (CISO) for International Business Machines (NYSE: IBM),
where she was responsible for protecting IBM from cybersecurity
threats and managing strategic risk in the IBM product portfolio.
From June 2021 until July 2024, Ms. Naidoo served as the Head of
Cloud Strategy and Innovation at Netskope. Ms. Naidoo also
currently serves as a non-executive director for QBE North America,
a post she has held since January 2021, and as a non-executive
director for Wisdom Tree (NYSE: WT), a post she has held since June
2023. Previously, Ms. Naidoo served as a board member for Reference
Point LLC which was acquired by Resources Connection, Inc. (Nasdaq:
RGP) in 2024. She was also a non-executive director at Stonebridge
Acquisition from July 2021 to April 2024, which has since
reconstituted as Stonebridge II, where she is an independent
director.
About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company
headquartered in Duluth, GA, is one of the largest automotive
retailers in the U.S. In late 2020, Asbury embarked on a multi-year
plan to increase revenue and profitability strategically through
organic operations, acquisitive growth and innovative technologies,
with its guest-centric approach as Asbury’s constant North Star. As
of September 30, 2024, Asbury operated 153 new vehicle dealerships,
consisting of 202 franchises and representing 31 domestic and
foreign brands of vehicles. Asbury also operates Total Care Auto,
Powered by Landcar, a leading provider of service contracts and
other vehicle protection products, and 37 collision repair centers.
Asbury offers an extensive range of automotive products and
services, including new and used vehicles; parts and service, which
includes vehicle repair and maintenance services, replacement parts
and collision repair services; and finance and insurance products,
including arranging vehicle financing through third parties and
aftermarket products, such as extended service contracts,
guaranteed asset protection debt cancellation, and prepaid
maintenance. Asbury is recognized as one of America’s Fastest
Growing Companies 2024 by the Financial Times.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are statements other than
historical fact, and may include statements relating to goals,
plans, objectives, beliefs, expectations and assumptions,
projections regarding Asbury's financial position, liquidity,
results of operations, cash flows, leverage, market position, the
timing and amount of any stock repurchases, and dealership
portfolio, revenue enhancement strategies, operational
improvements, projections regarding the expected benefits of
Clicklane, management’s plans, projections and objectives for
future operations, scale and performance, integration plans and
expected synergies from acquisitions, capital allocation strategy,
business strategy. These statements are based on management's
current expectations and beliefs and involve significant risks and
uncertainties that may cause results to differ materially from
those set forth in the statements. These risks and uncertainties
include, among other things, adverse outcomes with respect to
current and future litigation and other proceedings, including,
without limitation, our inability to realize the benefits expected
from recently completed transactions; information and
cybersecurity, and other issues related to technology; our
inability to promptly and effectively integrate completed
transactions and the diversion of management’s attention from
ongoing business and regular business responsibilities; our
inability to complete future acquisitions or divestitures and the
risks resulting therefrom; any supply chain disruptions impacting
our industry and business, market factors, Asbury's relationships
with, and the financial and operational stability of, vehicle
manufacturers and other suppliers, acts of God, natural disasters,
acts of war or other incidents and the shortage of semiconductor
chips and other components, which may adversely impact supply from
vehicle manufacturers and/or present retail sales challenges; risks
associated with Asbury's indebtedness and our ability to comply
with applicable covenants in our various financing agreements, or
to obtain waivers of these covenants as necessary; risks related to
competition in the automotive retail and service industries,
general economic conditions both nationally and locally,
governmental regulations, legislation, including changes in
automotive state franchise laws, and Asbury's ability to execute
its strategic and operational strategies and initiatives, including
its five-year strategic plan, Asbury's ability to leverage gains
from its dealership portfolio, Asbury's ability to capitalize on
opportunities to repurchase its debt and equity securities or
purchase properties that it currently leases, and Asbury's ability
to stay within its targeted range for capital expenditures. There
can be no guarantees that Asbury's plans for future operations will
be successfully implemented or that they will prove to be
commercially successful. These and other risk factors that could
cause actual results to differ materially from those expressed or
implied in our forward-looking statements are and will be discussed
in Asbury's filings with the U.S. Securities and Exchange
Commission from time to time, including its most recent annual
report on Form 10-K and any subsequently filed quarterly reports on
Form 10-Q. These forward-looking statements and such risks,
uncertainties and other factors speak only as of the date of this
press release. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241119366951/en/
Investors & Reporters May Contact: Joe Sorice
Manager, Investor Relations (770) 418-8211 ir@asburyauto.com
Asbury Automotive (NYSE:ABG)
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