Driving the news: Asbury Automotive Group $ABG ( ▼ 0.09% ) has announced that CEO David Hult, will be stepping down and transitioning to Executive Chairman. Meanwhile, COO Dan Clara will take over as President and CEO, effective following the company's 2026 Annual Meeting expected in May.
For context: The transition caps Hult's transformative eight-year tenure as CEO, during which he more than tripled earnings and shareholder value, with the company's stock price increasing 273%, according to a recent statement.
Clara brings 23 years of Asbury experience to the role, having played a key role in large-scale acquisition integrations and advancing the company's retail strategy.
Bridget Ryan-Berman will be named Lead Independent Director, with Tom Reddin remaining on the Board after his term as Non-Executive Chairman expires.
What they're saying: "Dan is a proven leader and operator. His drive, strategic mindset, and strong dedication to our values make him the logical choice to serve as Asbury's next CEO," said Hult. "I have tremendous confidence in his ability to lead the Company to new heights."
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