HERNDON, Va. -

Volkswagen Credit announced its new president and chief executive officer on Tuesday to replace the retiring Kevin Kelly in January. Promoted to the position is Andrew Stuart, currently the executive vice president and chief financial officer, a position he has held since 2009.

Kelly will retire following 34 years of service. His time with Volkswagen Group of America includes a slew of financial planning and controlling leadership posts.

Stuart, meanwhile, has more than 20 years of experience in the auto business. His time with the automaker includes positions in product management and regional sales management with the VW brand as well as leadership positions with VW Credit.

Taking on Stuart’s position as executive vice president and CFO is Volker Reichhardt, who comes over from Volkswagen Financial Services AG. His position there is the head of controlling for the International FS Group, and he also heads up the corporate strategy office in Braunschweig, Germany.