Ugly Duckling <UGLY.O> names Greg Sullivan CEO
PHOENIX, July 28 (Reuters) - Ugly Duckling Corp., a used car retailer and finance company, on Wednesday said it had named President and Chief Operating Officer Greg Sullivan chief executive officer.
Ugly Duckling, which also reported a 50 percent decline in profit for the second quarter, said Sullivan succeeds Ernie Garcia, who will remain the company's chairman and largest stockholder with a stake of more than 32 percent.
"I am very confident the company will continue to make strides with Greg as CEO," Garcia said in a statement. Garcia said Ugly Duckling remains his largest investment and that he will remain very involved with Ugly Duckling.
Sullivan has been president and COO since 1996, the company said.
Ugly Duckling said its second-quarter profit fell to $1.47 million, or 10 cents per share, from $2.94 million, or 16 cents per share, in the same period a year ago. Last year's results included $3.7 million, or 12 cents per share, in pre-tax earnings from a gain on the sale of loans.
Total revenues rose 42 percent to $125.7 million from $88.7 million.
Ahead of the market's opening on Nasdaq on Wednesday morning, Ugly Duckling shares stood at $9, near their 52-week high of $9.125.
09:17 07-28-99 |
