Cross-Continent Auto Retailers, Inc. Announces The Appointment of New Directors.AMARILLO, Texas--(BUSINESS WIRE)--Nov. 25, 1996--Cross-Continent Auto Retailers, Inc., the nation's first publicly traded franchise auto dealer group, today announced the appointment of three directors to the company's board of directors. Robert F. Green, John Marmaduke and John W. Gaines
Robert F. Green, age 54, is a private investor and retired commercial banker. From 1978 until his retirement in 1991, Green served as senior vice president for Amarillo National Bank Amarillo National Bank (ANB) is the largest financial institution serving the city of Amarillo, Texas, and is one of the largest family-owned banks in the United States. ANB was founded in 1892 and was purchased by the grandfather of current chairman Tol Ware in 1909. , Amarillo, Texas “Amarillo” redirects here. For other uses, see Amarillo (disambiguation). Amarillo is the 14th-largest city in the U.S. state of Texas and the seat of Potter County. , where he was responsibile for the consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. activities of the bank. From 1968 to 1978, he served in the consumer and commercial finance divisions of Southwestern Investment Company, and was vice president for Standard Leasing, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Southwestern Investment Company. He earned a bachelor's degree in business administration from the University of Texas at Austin “University of Texas” redirects here. For other system schools, see University of Texas System. The University of Texas at Austin (often referred to as The University of Texas, UT Austin, UT, or Texas in 1964. Green was appointed to the company's board with a term scheduled to expire in 1999. John Marmaduke, age 49, serves as president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Hastings Entertainment Hastings Entertainment NASDAQ: HAST is a retail chain that sells books, music, movies, and video games. It also rents movies and video games and buys used books, music, movies and video games for resale. , Inc. which owns a chain of 110 books, records and video stores located in 14 states with annual sales exceeding $300 million. He is the former chairman of Western Merchandisers, and served as its CEO until the company was split from Hastings and sold to Wal-Mart in 1991. He earned a bachelor's degree from the University of Texas at Austin in 1969. Marmaduke was appointed to Cross-Continent's board with a term scheduled to expire in 1998. John W. Gaines, age 36, serves as vice president of finance for Cross- Continent. He has been employed by the company, and its predecessor, since 1992. Gaines was the vice president and controller for Amarillo National Bank, Amarillo, Texas from 1983 to 1992. He earned a bachelor's degree in economics and business administration from Westminster College, Fulton, Mo., in 1982. Gaines was appointed to the company's board with a term scheduled to expire in 1997. "We are extremely fortunate and pleased to have Robert Green, John Marmaduke and John Gaines join our board of directors," Chairman and Chief Executive Officer Bill Gilliland said. "Cross-Continent will have a strong, multifaceted board with expertise in critical areas important to the growth of our business. Robert has a strong background in consumer lending, John Marmaduke has a proven track record in retail merchandising and inventory distribution, and John Gaines has a thorough knowledge regarding the integration of technologies in our business," he said. In separate actions the board established an audit committee consisting of Green and Marmaduke, and established a compensation committee consisting of Green, Marmaduke, Gilliland, Senior Vice Chairman Robert W. Hall and Senior Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Emmett M. Rice Jr. Cross-Continent Auto Retailers, Inc. owns and operates a group of seven franchised automobile dealerships in the Amarillo, Texas and Oklahoma City markets. Through these dealerships, the company sells new and used cars and light trucks, arranges related financing and insurance, sells replacement parts and provides vehicle maintenance and repair services. Cross-Continent Auto Retailers, Inc. is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol XC. CONTACT: Cross-Continent Auto Retailers Inc. John W. Gaines, 806/374-8653 |
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