Sonic Automotive Names New CFO

Charlotte, N.C.-based Sonic Automotive has a new CFO.

On Wednesday, the new and used car retailer announced that it has promoted Chief Information Officer Heath R. Byrd, an Air Force Academy graduate and also a six-year veteran of Sonic, to the position of company chief financial officer. Byrd will replace CFO Dave Cosper, who announced his intention to leave the company last summer, with a planned departure date of sometime in Q1 2013.

Sonic shares reacted positively to the company's prompt replacement of Cosper, as investors bid Sonic up 1.9% in Wednesday trading. The shares closed at $21.89.

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