David Hult will be the next president and chief executive officer of Asbury Automotive Group.

The retailer announced Tuesday afternoon that Hult, who has been executive vice president and chief operating officer since November 2014, is set to succeed Craig Monaghan on Jan. 1.

Hult will also have a seat on Asbury’s board of directors. Monaghan will become vice chairman of the board on Jan. 1 and hold that position until the Asbury’s 2018 annual meeting of stockholders.

Additionally, Monaghan will be non-executive special advisor to the company until he retires on April 30, 2019.

“We are thankful to Craig for his dedication to Asbury since originally joining the company in 2008,” Asbury chairman of the board Thomas DeLoach Jr. said in a news release.

“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 as president and CEO,” DeLoach said. “David has already contributed greatly to the growth of the company, and the board is unanimous in its belief that David is the ideal next chief executive for Asbury.”

Hult’s three-plus decades in the car business includes senior positions with Asbury, RLJ McLarty Landers Automotive Holdings, Group 1 Automotive and Penske Automotive Group.

“I am excited to lead the company and our 8,000 associates and look forward to driving further growth for the company,” Hult said in the news release. “I want to thank the board of directors of the company for providing me this opportunity. Craig has served as a wonderful mentor since I joined the company. I look forward to his continued advice and counsel as we work to ensure a smooth and successful transition.”

Monaghan said in the release: “I am delighted that the board has promoted David to president and CEO of the company. I look forward to continuing to work with him to execute Asbury’s business strategy and deliver long-term value to stockholders and other stakeholders.”