Capital Automotive Announces CEO Succession
- Jay Ferriero to retire from CEO position on February 15, 2024, and remains Chairman Emeritus through February 2025
- CFO Roger Stattel to assume CEO position effective February 15, 2024
- Dan Garces appointed to President and COO effective February 15, 2024
- Erica Powers appointed to CFO, succeeding Roger Stattel effective February 15, 2024
January 04, 2024
VIRGINIA- Capital Automotive Real Estate Services, Inc. (CARS), a leading real estate company that provides sale-leaseback capital to automotive dealers throughout the United States and Canada, announces that after 25 years with CARS, President and Chief Executive Officer Jay Ferriero will retire as CEO. Consistent with the Company’s established succession plans, Mr. Ferriero will be succeeded by Roger Stattel as CEO and Dan Garces as President and COO, effective February 15, 2024. Messrs. Ferriero, Stattel, and Garces will work closely together to ensure a smooth transition for CARS as Mr. Ferriero assumes his new role as Chairman Emeritus.
CARS has also elevated Erica Powers, currently Senior Vice President, Treasurer and Chief Accounting Officer, to Chief Financial Officer, effective, February 15, 2024. Ms. Powers will assume the CFO role vacated by Mr. Stattel upon his elevation to CEO.
“Over the past 25 years, it has been an honor for me to have had the opportunity to collaborate with and lead an exceptional team at CARS. We have consistently achieved outstanding outcomes and we are prepared for greater achievements in the future,” stated Mr. Ferriero, the President and CEO of CARS. “Given the company’s strong position, I am confident the time is right to transition the role of CEO to Roger.”
Mr. Stattel commented, “I am honored to have the opportunity to lead CARS into the future. I am committed to building upon the strong foundation laid by Jay and working collaboratively with the talented team at CARS to drive continued success.”
Jay M. Ferriero joined Capital Automotive in February 1999 as the Company’s Director of Acquisitions and has served as COO, President, and CEO. Mr. Ferriero has forty-three years of experience in commercial, automotive dealership and real estate finance.
Roger Stattel joined Capital Automotive in 2016 and as the company’s Senior Vice President and Chief Financial Officer. Mr. Stattel has also handled the capital markets efforts for CARS and has helped structure and close ten securitization transactions for the company. Mr. Stattel has an extensive background and experience in real estate investment and management. Prior to 2016, he was the Director of Finance at DRA Advisors LLC, an investment advisor specializing in real estate investment and management.
Dan Garces joined Capital Automotive in 2002 as the company’s Portfolio and Loan Servicing Manager. Currently, as CARS’ Senior Vice President & Director of Acquisitions, he oversees new investments in the United States and Canada, and management of the company’s existing portfolio. Mr. Garces has over twenty-nine years of experience in commercial lending and structuring creative financing alternatives through sale-leasebacks with automotive dealers.
Erica Powers joined Capital Automotive in 2000 as the Assistant Controller, and has served as Controller, Treasurer, and since 2014, as Senior Vice President, Treasurer and Chief Accounting Officer. Ms. Powers has over thirty years of experience in the mortgage and financial industries.
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