Asbury Automotive Group Inc. CEO Craig Monaghan will step down Jan. 1 after nine years leading the company. COO David Hult will replace him, the company said Tuesday.
Monaghan, 60, will become vice chairman of the board until the dealership group’s 2018 annual meeting of stockholders, which typically is in April. He also will become a nonexecutive special adviser until he retires April 30, 2019.
Monaghan has been CEO and president of Asbury since 2008. Before that, he was CFO for Sears, Roebuck & Co. and AutoNation Inc.
“We are thankful to Craig for his dedication to Asbury since originally joining the company in 2008,” Thomas DeLoach Jr., board chairman, said in a statement. “Craig is responsible for significant growth and value creation at the company, and we appreciate his willingness to continue to serve Asbury in a transitional role following his retirement.”