- Earl Hesterberg to retire at yr finish
- Daryl Kenningham, present President of US Operations, appointed to Board of Administrators and as President and Chief Working Officer of Group 1 instantly; will assume CEO function on January 1, 2023.
HOUSTON, Aug. 24, 2022 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE:GPI) (“Group 1” or the “Firm”), a world, Fortune 300 automotive retailer with 204 dealerships positioned within the U.S. and U.Okay., in the present day introduced that Earl J. Hesterberg, President and Chief Govt Officer will retire as CEO and from the Board of Administrators, efficient December 31, 2022. Lengthy-tenured Group 1 government Daryl Kenningham, at the moment President of U.S. Operations, has been appointed as President and Chief Working Officer and a member of the Board of Administrators, efficient instantly, and can succeed Hesterberg as CEO efficient January 1, 2023, upon Mr. Hesterberg’s retirement.
“On behalf of the Board of Administrators and the Group 1 staff, we’re deeply grateful for Earl’s a few years of outstanding management and strategic imaginative and prescient,” stated Steve Quinn, Chairman of Group 1’s Board of Administrators. “As a extremely revered worldwide automotive government, Earl utilized his relationships to increase the Firm’s U.S. operations and construct a major U.Okay. enterprise, growing mixture Firm revenues threefold. His ardour for our core values – integrity, transparency, professionalism, teamwork and respect – promotes an invigorating office for our associates and drives our dedication to glorious customer support.”
“The Board and I are delighted to announce Daryl as Group 1’s subsequent CEO,” added Quinn. “Over the course of his profession, Daryl has developed sturdy relationships with the automotive producers. He’s a confirmed, strategic working government with intensive automotive expertise and a deep data of Group 1. His enterprise acumen and expertise within the implementation of utilized know-how are what we’d like on this quick altering, dynamic market. He has positioned nice emphasis on all facets of ESG, and specifically has turn into a champion within the space of range, fairness and inclusion.”
Hesterberg added “Now’s the right time to transition to a brand new era of management at our Firm. Daryl’s efficiency all through his profession has been exemplary, and he has pushed our U.S. enterprise to report ranges. Though I’ll sorely miss the fantastic individuals at Group 1, this transition will likely be seamless and our Firm couldn’t be in higher arms.”
Hesterberg joined Group 1 in April 2005 after a 30-year profession with a number of automotive producers together with Ford and Nissan. Kenningham joined Group 1 in 2011 as a Regional Vice President and frequently expanded his areas of accountability since that point to incorporate all of Group 1’s U.S. operations in addition to many key Firm assist features similar to advertising and marketing, amenities and data know-how.
Concerning his appointment as CEO, Kenningham commented, “I’m honored and excited to embark on this new function. I thank Earl for his excellent management and the Board for his or her confidence, steerage and assist. We have now an impressive workforce at Group 1, and I’m energized to work alongside them to chart our path ahead for the good thing about our staff, prospects, communities and stakeholders throughout this thrilling and dynamic time in our trade.”
ABOUT DARYL KENNINGHAM
Mr. Kenningham joined Group 1 in 2011 as Regional Vice President. He has over 30 years of automotive trade expertise. He beforehand served as Chief Working Officer at Ascent Automotive. From 1998 to 2011, he served in senior government roles at Gulf States Toyota, together with Senior Vice President of Gulf States Toyota, President of Gulf States Monetary Companies, and as President at USA Logistics (beforehand often called Gulf States Transportation). He started his profession at Nissan Motor Company in 1988.
ABOUT EARL HESTERBERG
Mr. Hesterberg has served as Chief Govt Officer and President of Group 1 since 2005. He beforehand served as Group Vice President for Advertising, Gross sales, and Service for Ford North America and previous to that held the identical place for Ford of Europe, in Cologne, Germany. He additionally served as President and CEO of Gulf States Toyota and held varied senior gross sales, advertising and marketing, common administration, and components and repair positions with Nissan Motor Company within the U.S. and Nissan Europe, each of that are wholly owned by Nissan Motor Co., Ltd. Hesterberg is a board member of the Better Houston Partnership.
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 204 automotive dealerships, 273 franchises, and 47 collision facilities in the US and the United Kingdom that supply 35 manufacturers of vehicles. By its dealerships and omni-channel platform, the Firm sells new and used automobiles and light-weight vehicles; arranges associated automobile financing; sells service and insurance coverage contracts; offers automotive upkeep and restore providers; and sells automobile components.
Group 1 discloses further details about the Firm, its enterprise, and its outcomes of operations at www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, www.fb.com/group1auto, and www.twitter.com/group1auto.
This press launch accommodates “forward-looking statements” inside the that means of the Non-public Securities Litigation Reform Act of 1995, that are statements associated to future, not previous, occasions, together with statements concerning the deliberate CEO transition, and are based mostly on our present expectations and assumptions concerning our enterprise, the economic system and different future situations. On this context, the forward-looking statements typically embrace statements concerning our targets, plans, outcomes of operations and enterprise technique, and sometimes comprise phrases similar to “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “ought to,” “foresee,” “might” or “will” and related expressions. Whereas administration believes that these forward-looking statements are cheap as and when made, there may be no assurance that future developments affecting us will likely be people who we anticipate. Any such forward-looking statements should not assurances of future efficiency and contain dangers and uncertainties that will trigger precise outcomes to vary materially from these set forth within the statements. For extra info concerning recognized materials components that might trigger our precise outcomes to vary from our projected outcomes, please see our filings with the Securities and Trade Fee, together with our Annual Report on Kind 10-Okay, Quarterly Studies on Kind 10-Q and Present Studies on Kind 8-Okay. Readers are cautioned to not place undue reliance on forward-looking statements, which communicate solely as of the date hereof. We undertake no obligation to publicly replace or revise any forward-looking statements after the date they’re made, whether or not because of new info, future occasions or in any other case.
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SOURCE Group 1 Automotive, Inc.