FORT LAUDERDALE, Fla., Jan 29, 2002 /PRNewswire-FirstCall via COMTEX/ --
* Both Are Principals of ESL Investments, AutoNation's Largest Shareholder * New Appointments Increase the Board's Size to 12 Members
AutoNation, Inc. (NYSE: AN), America's largest retailer of new and used
vehicles, announced that at its regularly scheduled meeting today the Board of
Directors voted to appoint two new directors, Edward S. Lampert and William C.
Crowley.
The appointments, which are effective immediately, increase the size of
AutoNation's Board of Directors to 12 members.
ESL Investments, Inc., located in Greenwich, Conn., is AutoNation's largest
single shareholder. ESL and its affiliates own approximately 24% of the
Company's outstanding common shares. Lampert is ESL's Chairman, Chief Executive
Officer and founder, and Crowley is its President and Chief Operating Officer. A
14-year-old investment firm, ESL has owned shares in AutoNation since January
2000.
H. Wayne Huizenga, AutoNation's Chairman of the Board, said: "Having two
investors and businessmen of Edward Lampert and William Crowley's caliber is a
special opportunity for AutoNation. The Board is looking forward to working
closely with them as we strive together to create further value for AutoNation's
shareholders."
Mike Jackson, AutoNation's Chief Executive Officer, added: "Edward Lampert and
William Crowley's presence on the Board further aligns their interest in
creating shareholder value for all shareholders."
Lampert, 39, formed ESL Partners on April 11, 1988 and since then has managed
the business and operations of ESL Investments and its various investment
partnerships. Lampert is a 1984 summa cum laude graduate of Yale University with
a bachelor's degree in economics. He began his career at Goldman Sachs in July
1984 and worked for the firm's risk arbitrage department from March 1985 until
February 1988, when he left to form ESL Investments.
Crowley, 44, became President and Chief Operating Officer of ESL Investments in
January 1999 after serving for 13 years with Goldman Sachs, most recently as a
Managing Director in the Merger and Acquisitions Department of Goldman Sachs.
Crowley is a 1979 summa cum laude graduate of Yale University with a bachelor's
degree in psychology. Following Yale, he attended Oxford University as a Rhodes
Scholar, receiving a master's in philosophy, politics and economics in 1981. He
also attended Yale Law School, receiving a juris doctorate in 1985.
ABOUT AUTONATION, INC.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest
retailer of new and used vehicles. A Fortune 100 company, AutoNation employs
approximately 31,000 people and owns and operates 368 new vehicle franchises in
17 states. For additional information, please visit the corporate site section
of www.autonation.com , where more than 100,000 vehicles are available for sale.
SOURCE AutoNation, Inc.
CONTACT: AutoNation, Inc., +1-954-769-3146, or [email protected]
/Photo: http://www.newscom.com/cgi-bin/prnh/20001017/AUTONATIONLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
/Company News On-Call: http://www.prnewswire.com/gh/cnoc/comp/750525.html
URL: http://www.autonation.com
http://www.prnewswire.com
Copyright (C) 2002 PR Newswire. All rights reserved.