Below new CEO, Group 1 to proceed deal with development, know-how
Group 1 Automotive Inc. will keep targeted on development by means of acquisitions, each within the U.S. and the UK, as the general public dealership group prepares for a CEO changeover subsequent 12 months.
Daryl Kenningham, Group 1’s president of U.S. operations since 2019 till his promotion this week to president and COO, will take over as chief govt in January following the year-end retirement of CEO Earl Hesterberg, which was introduced Wednesday. Kenningham informed Automotive Information that the dealership group will search for “high quality acquisitions” with regard to areas and automobile manufacturers that greatest align with the corporate’s path.
“We’re not going to simply chase income for the sake of chasing income,” mentioned Kenningham, who declined to debate whether or not Houston-based Group 1 has offers within the pipeline. “We get loads of acquisition alternatives throughout our desks which are both in locations that we do not really feel it is a spot we need to be or manufacturers that we really feel like we won’t make profitable long run. So we’re in search of high quality.”
Kenningham, 58, will likely be in place to execute on that technique as of Jan. 1, when he assumes the CEO function. Hesterberg, 69, will go away Group 1 efficient Dec. 31.
Kenningham joined Group 1 in 2011, first within the function of regional vp earlier than taking up extra obligations.
“Now could be the right time to transition to a brand new era of management at our firm,” Hesterberg mentioned in an announcement. Group 1 didn’t make Hesterberg obtainable for an interview this week.
“Daryl’s efficiency all through his profession has been exemplary, and he has pushed our U.S. enterprise to document ranges,” Hesterberg mentioned. “Though I’ll sorely miss the great individuals at Group 1, this transition will likely be seamless and our Firm couldn’t be in higher arms.”