Deerfield Beach, Fla., Dec. 16, 2020 (GLOBE NEWSWIRE) -- To continue its strategic emphasis on long-term growth, innovation, investment diversification and future business acquisitions, JM Family Enterprises announces organizational moves to position itself for an even stronger future.
Current Chief Financial Officer and Executive Vice President Ron Coombs has been named president of JM Family Holdings & Services, a newly formed division of the private company created to focus on leveraging JM Family’s competencies developed over a 50-year history to grow earnings through acquisition and investments.
Additionally, Coombs will continue to oversee the company’s Corporate Services and various investment portfolios as well as taking on added responsibility for the business operations of JM Family subsidiaries: DataScan, JM Lexus, and Home Franchise Concepts, a franchise network of home improvement products and services consisting of Budget Blinds, Tailored Living featuring PremierGarage, Concrete Craft and AdvantaClean.
Coombs remains an executive vice president of JM Family and a member of the Executive Management Team, which directs the development and implementation of the company’s long-range planning and strategies for future growth. Coombs joined JM Family in 1999 as Vice President of Long-range Planning for World Omni. He was promoted to CFO of JM&A Group in 2001 and named JM&A’s Chief Operating Officer in 2008. In 2015, Coombs became the CFO of JM Family.
During its first 50 years in business, JM Family focused solely on auto-related businesses, its three prominent subsidiaries being Southeast Toyota Distributors, Southeast Toyota Finance and JM&A Group. In 2019, JM Family took its first step toward expanding outside of the auto industry by acquiring Home Franchise Concepts. The company is actively seeking additional acquisitions that enable it to further diversify and build upon its strong foundational strengths.
“The automotive industry is thriving and a more exciting place than ever to do business,” said Brent Burns, President & CEO of JM Family. “We’ve been able to build a strong foundation because of our core automotive businesses, and we intend to continue to do it better by strengthening our focus and investments in those businesses and the evolving mobility space. Now, we also have an opportunity to direct investments toward acquisitions that can leverage our competencies and company culture and drive our long-range business strategies, further positioning us for growth that serves our customers, our associates, and the communities where we live and work.”
Returning to JM Family effective January 4 is Cheryl Miller, who will replace Coombs as the Chief Financial Officer and will also serve as an executive vice president of JM Family with a position on the Executive Management Team. As CFO, Miller will oversee financial operations for JM Family and its companies, as well as Corporate Enterprise Strategy.
Miller first joined JM Family in 2004 as director and assistant treasurer and was promoted to vice president and treasurer in 2006. In 2009, she left the company to join AutoNation, Inc., the largest automotive retailer in the U.S., where she was named CFO in 2014 and eventually became the first female CEO of a publicly traded automotive retailer in July 2019. Prior to JM Family, she worked at Paxson Communications Corporation, ANC Rental Corporation, which included the Alamo and National vehicle rental companies and Circuit City Stores, which also owned CarMax. Miller also serves on the board of directors for Tyson Foods.
“We are thrilled to welcome Cheryl back to JM Family,” Burns said. “Her auto retail perspective and financial expertise will serve us well as we continue to grow and evolve.”
Another recent addition to JM Family’s leadership team is Dhvani Shah, CFA, in the newly created position of Group Vice President and Chief Investment Officer, effective December 28. As JM Family’s strategy surrounding diversification in its business portfolio continues to grow, this role will help align current and potential investments to best position the company for future opportunities.
Shah is a seasoned professional with more than 25 years of investment experience. She joins the company from Illinois Municipal Retirement Fund (IMRF) in Oakbrook, Ill. where she was Chief Investment Officer for nearly 10 years, overseeing a program with approximately $48 billion in assets. Previously, she worked with the New York State Teachers’ Retirement System, Bank of America and the Northwestern University Investment Office.
Shah will work closely with JM Family’s various investment committees to manage and monitor its portfolio and investment activity, oversee pension funds, and develop short- and long-term investment policies.
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