Group 1 Automotive Inc. GPI, +0.95%, an operator of car dealerships, said Wednesday it has named Daryl Kenningham as its chief executive effective Jan. 1, 2023, replacing Earl Hesterberg, who is retiring at the end of the year. Kenningham is currently president of U.S. operations and will become president and chief operating officer with immediate effect, before taking on the CEO role next year. The executive joined Group 1 in 2011 and regional vice president and has more than 30 years of automotive experience, including stints at Toyota, USA Logistics and Nissan. Group 1 shares were not yet active premarket, but are down 4.4% in the year to date, while the S&P500 SPX, +0.16% has fallen 13%.
