Penske Automotive Group Inc. has named a new CFO.
The retailer has promoted Shelley Hulgrave, a more than 14-year Penske employee, to replace J.D. Carlson, who is retiring after holding the position since June 2015. The moves are effective June 1.
Hulgrave, 42, has been the retailer’s senior vice president and corporate controller since February 2020. She was promoted to that position after serving as Penske’s vice president and corporate controller since June 2015. Penske, in a regulatory filing on Thursday, said Hulgrave’s salary is being increased to $500,000.
She joined the company in October 2006 as a corporate accounting manager, working with accounting teams in the U.S., Europe and Australia. Before working for Penske, Hulgrave held positions with DaimlerChrysler Financial and Ernst & Young.
“Ms. Hulgrave has a strong operational and technical background in finance and accounting and her experience and tenure with the Penske Automotive organization will help maintain the integrity and discipline of our worldwide financial operations, and provide a solid foundation for success,” the company said in a Wednesday news release.
Carlson will retire after 15 years with the company. He joined Penske in April 2006 as corporate controller and was promoted to senior vice president and principal accounting officer in 2011.
Penske, also in the regulatory filing, said Carlson submitted his voluntary resignation and “in light of his 15 years of meritorious service,” the company agreed to vest 29,022 shares of restricted stock that were supposed to vest starting in 2022 and through 2025.
Carlson was a star kicker for the University of Michigan football team, playing in 36 games from 1989 to 1991 and converting 35 field goals and 141 extra points.
Penske, of Bloomfield Hills, Mich., ranks No. 2 on Automotive News‘ list of the top 150 dealership groups based in the U.S., retailing 178,437 new vehicles in 2020.