Why AutoNation CEO Mike Jackson Is Stepping Down

Mike Jackson, the current AutoNation CEO, is stepping down from the role next year.

Why AutoNation CEO Mike Jackson Is Stepping Down

Source: AutoNation

Just because Jackson is leaving behind the role of AutoNation (NYSE:AN) Chairman, CEO and President doesn’t mean he will be leaving the company behind. Instead, the AutoNation CEO will be switching to the Executive Chairman position.

So, why exactly is Jackson stepping down as AutoNation CEO? According to him, the company is “ready for its next chapter.” He goes on to say that AN already has the strong foundation it needs for the next CEO to push it further.

There’s no rush for the AutoNation CEO to step down immediately. Instead, Jackson has agreed to stay on as the company’s Chairman, CEO and President until a replacement is found. AN is getting help from leadership advisory firm Spencer Stuart for picking its next CEO.

When the next AutoNation CEO is found, it will bring an end to a long run for Jackson as head of the company. He was brought on as its CEO back in 1999 and has been serving in the role since. During his time with the company, Jackson has been responsible for its growth to new markets and push to offer new services to customers.

“While the Board commences its succession process, we will remain focused on delivering a peerless customer experience and executing our Brand Extension and digital strategies,” the AutoNation CEO said in a statement.

AN stock was upslightly as of Wednesday morning.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2018/09/autonation-ceo-stepping-down/.

©2022 InvestorPlace Media, LLC