Rick Hendrick adds CEO role at giant dealership group

Hendrick Automotive Group, one of the nation's largest privately held dealership groups, has a new CEO after nine years.

Chairman Rick Hendrick will also serve as CEO of the 94-store company, the group said Wednesday.

Hendrick, 70, has assumed CEO duties following the planned retirement of Edward Brown III. Brown, 71, had served as CEO since January 2011. He joined Hendrick Automotive as CFO in May 2010 after working as an executive for Bank of America.

The group also named Gregory Gach, 60, as president of Hendrick Automotive. The executive moves were effective Jan. 1.

Gach joined Hendrick Automotive in July 2018 as a special consultant but has worked closely with the company for more than three decades. He formerly was the corporate attorney for the dealership group and Hendrick Motorsports, as well as Hendrick's personal lawyer. Gach also is president of Hendrick Cos., the family office that oversees Rick Hendrick's portfolio of businesses, holdings and investments.

"Greg is an invaluable asset to Hendrick Automotive Group and our broader organization," Hendrick said in a statement. "He is a trusted counselor, a well-regarded leader and brings with him a wealth of knowledge and expertise related to our companies and the automotive industry as a whole."

Hendrick founded the auto dealership company in 1976. It has more than 10,000 employees.

Hendrick Automotive, of Charlotte, N.C., ranks No. 6 on Automotive News' list of the top 150 dealership groups based in the U.S., retailing 111,845 new vehicles in 2018.