Group 1 Automotive Inc., the fourth-largest U.S. auto dealership group in 2021, said CEO Earl Hesterberg will retire at the end of the year.
Hesterberg, 69, will leave Group 1 effective Dec. 31, and will be succeeded by Daryl Kenningham, the public dealership group's president of U.S. operations since 2019, Group 1 said in a statement on Wednesday.
Kenningham, 58, has been named Group 1's president and COO, roles that take effect immediately, and he will move into the CEO role Jan. 1.
"Now is the perfect time to transition to a new generation of leadership at our company," Hesterberg said in a statement. "Daryl's performance throughout his career has been exemplary, and he has driven our U.S. business to record levels. Although I will sorely miss the wonderful people at Group 1, this transition will be seamless and our Company could not be in better hands."