Asbury Automotive Group Inc. (NYSE: ABG) announced that David Hult will transition from chief executive officer to executive chairman effective May 4, 2026. Dan Clara will assume the role of CEO.

During Hult's eight-year tenure as CEO, the company's revenue more than doubled, share price tripled, and earnings per share nearly quadrupled, according to the company's statement. Asbury expanded from a regional player to operating 158 dealerships across 14 states through acquisitions that generated net returns on investment in the mid-teens.

The Atlanta-based automotive retailer, which operates 202 franchises representing 34 vehicle brands, also launched digital initiatives under Hult's leadership, including Clicklane, a digital transaction platform, and implemented the Tekion dealer management system.

"On behalf of the entire Asbury Board of Directors, I want to thank David for his vision, leadership and relentless work ethic in transforming the company and generating tremendous growth in shareholder value," said Tom Reddin, Asbury's non-executive chairman.

Clara, the incoming CEO, said he plans to build on the company's growth while maintaining its focus on customer service. "I look forward to building on that extraordinary legacy—leading a high-performing team and driving operational excellence across every function and in every store throughout our organization," Clara stated.

Asbury Automotive operates as one of the largest automotive retailers in the U.S., offering new and used vehicles, parts and service, and finance and insurance products. The company also runs Total Care Auto and 37 collision repair centers.