TEMPE, Ariz. -

DriveTime announced Monday that it has named a new chief financial officer to replace Kurt Wood.

After four years of service and replacing Mark Sauder in 2014, Wood is leaving his CFO post at DriveTime, the used-car retailer said in a news release.

Chosen to replace Wood is Mary Leigh Phillips, who most recently served as a director for asset-backed finance with Wells Fargo Securities, according to DriveTime.

“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,” DriveTime chief executive officer Don Reese said in a news release.

In addition to her most recent role, Philips also has more than 10 years of banking and capital markets experience with Wells Fargo, according to DriveTime.

Since 2011, DriveTime said that Phillips has spent time executing lending facilities and capital markets transactions for auto finance companies.

“I want to thank Wells Fargo and all of the people who have supported and partnered with me throughout my time there,” added Phillips. “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,” continued Phillips.