Central Parking Corporation Announces Management Change

Central Parking Corporation (NYSE: CPC) announced today that Mark Shapiro has resigned his position as Senior Vice President and Chief Financial Officer.
Mr. Shapiro, who will be returning to his home in Dallas, cited personal reasons for his resignation, including the need to focus on matters relating to his former employer.

The Company named Jeff Heavrin, its Vice President - Controller and Chief Accounting Officer, to serve as the Chief Financial Officer on an interim basis. Before joining the Company in December 2002, Mr. Heavrin held positions of increasing responsibility with Deloitte Touche and served as controller of Service Merchandise Corporation. He has eight years of public accounting experience and is a certified public accountant. He graduated from the University of Louisville with degrees in both Accounting and Finance.

"We appreciate Mark Shapiro's leadership and dedication to our Company," said Monroe J. Carell, Jr., Chairman and Chief Executive Officer. "Mark made many contributions, including the recruitment of experienced and talented professionals in the areas of Information Technology and Internal Audit. We wish him well as he returns to his home in Dallas.

"At the same time, we are fortunate to have someone internally with the qualifications and ability of Jeff Heavrin to assume the responsibilities of the Chief Financial Officer position on an interim basis. I am confident that Jeff, working closely with Vice President and Treasurer Bob Votteler, Vice President of Information Technology Lee Kunkle and Vice President of Internal Audit Ron Kelps, will ensure continuity in our on-going projects and a smooth transition," said Mr. Carell.

CPC Retains Morgan Stanley to Evaluate Strategic Alternatives

Central Parking Corporation also announced today that its Board of Directors has retained Morgan Stanley as its exclusive financial advisor to assist the Company in evaluating various strategic alternatives in order to maximize shareholder value.

"Our Board believes that the intrinsic value of our operating platform, as well as the value of our owned real estate, is substantially higher than is currently reflected in our stock price. With the goal of maximizing shareholder value, the Board has decided to evaluate strategic alternatives at this time," commented Monroe J. Carell, Jr., Chairman and Chief Executive Officer. "Since I founded Central Parking in 1968, the senior management team and I have spent considerable time developing the Company into the industry leader that it is today, particularly in streamlining operations and reducing debt since my return in 2003. I now believe that it is time for the Company to enter into the next phase of its corporate life in order to capitalize on the significant growth opportunities in today's recovering and improving economy."

The Company expects to complete its review of strategic alternatives and take any actions arising from this review during the next several months. However, there can be no assurance that this process will result in a transaction. The Company expects that it will make no further announcement in connection with this process unless and until it engages in a transaction that would require disclosure.

About the Central Parking Corporation

Central_Parking_Corp.jpgCentral Parking Corporation, headquartered in Nashville, Tennessee, is a leading provider of parking and transportation-related services. As of December 31, 2004 the Company operated more than 3,400 parking facilities containing over 1.5 million spaces at locations in 37 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Colombia, Germany, Mexico, Peru, Poland, Spain, Switzerland, Venezuela and Greece.
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