Penske Automotive Group, Inc. announced that Michelle (Shelley) Hulgrave, the company's Senior Vice President and Corporate Controller, has been named Executive Vice President and Chief Financial Officer, effective June 1, 2021. Ms. Hulgrave will replace J.D. Carlson, who is retiring effective June 1 from his role as Executive Vice President and Chief Financial Officer. Ms. Hulgrave joined company in 2006 as Corporate Accounting Manager, was promoted to Vice President and Corporate Controller in 2015 and was promoted again to Senior Vice President in February 2020. Prior to joining us, Ms. Hulgrave held various positions for 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 worldwide financial operations, and provide a solid foundation for success. The company also announced the promotion of Aaron Michael to Executive Vice President, Financial Services and Global Risk Management, and Treasurer. Mr. Michael has served as Senior Vice President, Financial Services since 2014 and has been the Company's Treasurer since 2006. In this role, Mr. Michael will continue to manage the Company's capital structure, relationships with lending partners and real estate portfolio. He is also assuming the additional responsibility of oversight for the Company's risk management function. From 2001 through 2006, Mr. Michael was employed by Penske Corporation in various finance and treasury roles. Prior to working with Penske, Mr. Michael was a commercial lender for Comerica Bank. Mr. Michael has been instrumental in reducing the Company's leverage and optimizing its capital structure during the challenging pandemic year.
Penske Automotive Group, Inc. is a diversified international transportation services company. The Company is also engaged in automotive and commercial truck retailing. The Company operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, and Japan and retailers of commercial trucks in North America for freightliner. The Company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. The Retail Automotive segment consists of its retail automotive dealership operations. The Retail Commercial Truck segment consists of its retail commercial truck dealership operations in the United States and Canada. The Other segment consists of its commercial vehicle and power system distribution operations. The Non-Automotive Investments segment consists of its equity method investments in non-automotive operations, which includes its investment in Penske Transportation Solutions (PTS) and various other investments.