- Push-out Score determined
- After almost 18 years in the position
- Accolades, praise and thanks for Hesterberg
- Daryl Kenningham taking over
- Hesterberg kept it short and said 59 words
(exechange) — Houston, Texas, August 24, 2022 — Earl Hesterberg, chief executive of Group 1 Automotive, leaves. As announced by Group 1 Automotive Inc. in a news release and in a regulatory filing published on Wednesday, August 24, 2022, Earl J. Hesterberg leaves his post as chief executive officer at the operator of car dealerships, after almost 18 years in the role, effective December 31, 2022.
It is the end of an era.
Earl Hesterberg’s duties as CEO will be taken over by Daryl Kenningham, most recently President of U.S. Operations at Group 1 Automotive Inc.
“The perfect time”
Earl Hesterberg’s departure from the CEO post is explained as follows. Hesterberg said: “Now is the perfect time to transition to a new generation of leadership at our Company.”
Precise information regarding Earl Hesterberg’s future plans was not immediately available.
Group 1 Automotive said: “Earl J. Hesterberg, President and Chief Executive Officer will retire as CEO and from the Board of Directors, effective December 31, 2022.”
Group 1 Automotive further said: “On August 24, 2022, Group 1 Automotive, Inc. (the “Company”) announced that Mr. Earl J. Hesterberg, the Company’s President and Chief Executive Officer (“CEO”), as well as a member of the Company’s Board of Directors (the “Board”), would resign from the position of President immediately, and would retire from the position of CEO and as a member of the Board effective as of December 31, 2022.”
Share price increase since August 2017
The announcement follows an increase in Group 1 Automotive Inc.’s share price of 214% since August 2017.
In the position of CEO since 2005
Earl Hesterberg became CEO of the Company in 2005.
His bio reads as follows:
- CEO and President of Group 1 since 2005
- Served as Group Vice President, North America Marketing, Sales and Service for Ford Motor Company since October 2004. From July 1999 to September 2004, he served as Vice President, Marketing, Sales and Service for Ford of Europe, and from 1999 until 2005, he served on the supervisory board of Ford Werke AG
- Previously served as President and Chief Executive Officer of Gulf States Toyota, an independent regional distributor of new Toyota vehicles, parts and accessories
- Held various senior sales, marketing, general management, and parts and service positions with Nissan Motor Corporation in U.S.A. and Nissan Europe, both of which are wholly owned by Nissan Motor Co., Ltd.
- Currently serves on the board of the Greater Houston Partnership
- Past member of the Board of Trustees of Davidson College
- A. in Psychology, Davidson College;
- B.A, Xavier University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Earl Hesterberg’s move on a scale of 0 to 10.
exechange reached out to Group 1 Automotive and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 35.2022 ($).