Penske names new CFO, EVP

BLOOMFIELD HILLS—Penske Automotive Group Inc. has named Michelle “Shelley” Hulgrave executive vice president and CFO. She had been senior vice president and corporate controller.

Hulgrave succeeds J.D. Carlson, who is retiring from the CFO post effective June 1.

Hulgrave joined Penske as corporate accounting manager in 2006 and was named to her scurrent post last year. Prior to joining Penske, she was a financial executive at DaimlerChrysler Financial and Ernst & Young.

Penske also named Aaron Michael executive vice president of financial services and global risk management and corporate treasurer. He was previously senior vice president of financial services. He has been the company’s treasurer since 2006. He joined Penske in 2001, and earlier was a commercial lender at Comerica Bank.

Penske Automotive Group (NYSE:PAG) is a diversified international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United Kingdom, Canada, and Western Europe, and distributes commercial vehicles, diesel and gas engines, power systems and related parts and services principally in Australia and New Zealand. More at www.penskeautomotive.com.

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