DriveTime issued the following announcement on July 26.

DriveTime, the nation's second largest used car retailer focused solely on used vehicles, today announced a CFO executive succession process.

As part of its succession planning process, the Company has identified Mary Leigh Phillips as its new Chief Financial Officer. Ms. Phillips has more than 10 years of banking and capital markets experience with Wells Fargo and most recently served as a Director for Asset-Backed Finance with Wells Fargo Securities. Ms. Phillips specialized in executing lending facilities and capital markets transactions for auto finance companies, including DriveTime, since 2011.

"I want to thank Wells Fargo and all of the people who have supported and partnered with me throughout my time there. The personal and professional growth I experienced at Wells opened the door to this opportunity at DriveTime. I'm looking forward to joining the DriveTime team and working together to continue to evolve and enhance what we deliver to our customers," said Mary Leigh Phillips.

"We are very excited to welcome Mary Leigh to DriveTime and our executive team. We believe her talents and experience will be an integral part of our future success," Don Reese, CEO/DriveTime.

Kurt Wood, the Company's Chief Financial Officer, will transition out of his role as CFO of the Company. Mr. Wood has served the Company as Chief Financial Officer for four years after replacing Mark Sauder in 2014. The Company appreciates Mr. Wood's service and thanks him for his contributions over the past four years.

Original source can be found here.