10:02 am, August 25, 2022
Group 1 Automotive has announced a new boss after current chief executive Earl J Hesterberg confirmed his intention to retire at the end of the year.
Hesterberg, pictured, who is president and CEO of the dealer group, will stand down from December 31, resigning from the board of directors in the process.
His replacement has been named as the firm’s current president of U.S. operations, Daryl Kenningham.
He will take up his new post on January 1, 2023, replacing Hesterberg, who has been in the position since April 2005.
The outgoing chief has enjoyed a career in the industry stretching more than four decades, previously working for the likes of Ford and Nissan.
Steve Quinn, chairman of Group 1’s board of directors, said: ‘On behalf of the board of directors and the Group 1 employees, we are deeply grateful for Earl’s many years of exceptional leadership and strategic vision.
‘As a highly respected international automotive executive, Earl utilised his relationships to expand the company’s U.S. operations and build a significant UK business, increasing aggregate company revenues threefold.
‘His passion for our core values – integrity, transparency, professionalism, teamwork and respect – promotes an invigorating workplace for our associates and drives our commitment to excellent customer service.’
He added: ‘The board and I are delighted to announce Daryl as Group 1’s next CEO
‘Over the course of his career, Daryl has developed strong relationships with the automotive manufacturers.
‘He is a proven, strategic operating executive with extensive automotive experience and a deep knowledge of Group 1.
‘His business acumen and experience in the implementation of applied technology are what we need in this fast-changing, dynamic marketplace.
‘He has placed great emphasis on all aspects of ESG, and in particular has become a champion in the area of diversity, equity and inclusion.’
During his stint in charge, Hesterberg saw Group 1 grow into a giant of the car dealer world.
The firm recently confirmed that its UK operations alone made a profit of £75m in the second quarter of 2022. That followed an £82m profit in Q1.
Addressing his decision to stand down, he said: ‘Now is the perfect time to transition to a new generation of leadership at our company.
‘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.’
Kenningham joined Group 1 in 2011 as a regional vice-president and continually expanded his areas of responsibility since that time to include all of Group 1’s U.S. operations, as well as many key company support functions such as marketing, facilities and information technology.
He said: ‘I am honoured and excited to embark on this new role. I thank Earl for his outstanding leadership and the board for their confidence, guidance and support.
‘We have an outstanding team at Group 1, and I am energised to work alongside them to chart our path forward for the benefit of our employees, customers, communities and stakeholders during this exciting and dynamic time in our industry.’
Group 1 currently operates around 70 sites in the UK representing the likes of BMW, Mercedes, Audi, VW, Seat, Skoda, Jaguar Land Rover, Kia, Toyota and Ford.
The dealerships are predominantly based in London, the home counties and on the south coast, and operate under the Barons, Beadles and Think Ford names.
