Credit Acceptance announced departures of two more high-ranking executives on Monday morning, saying the “leadership changes (are) designed to advance our digital-first strategy and position the company for long-term success.”

The subprime auto finance company first revealed late Friday afternoon in a filing with the Securities and Exchange Commission that its board of directors and chief technology officer Ravi Mohan mutually agreed that Mohan would resign, effective Aug. 14.

According to the filing, the company and its CTO came to this agreement last Monday.

And in the Monday morning news release, Credit Acceptance also said a new chief marketing officer is joining the company, which is adding another former T-Mobile executive to fill the position.

Siddharth Lal is joining the company as chief marketing officer to lead Credit Acceptance’s marketing organization. Lal will have ongoing executive leadership responsibility for product, bringing the company’s customer, dealer, product, and brand efforts under a more integrated leadership structure.

Credit Acceptance added that Lal will lead efforts to deepen customer insights, enhance dealer and consumer engagement, bring innovative products and solutions to market, and support the company’s next phase of growth and evolution.

Meanwhile, Credit Acceptance also agreed that Mohan would “separate” from the company on Oct. 25.

“In connection with Mr. Mohan’s resignation, the company and Mr. Mohan are expected to enter into a separation and advisory agreement pursuant to which, subject to his execution and non-revocation of a general release of claims, Mr. Mohan will retain the opportunity to vest in his restricted stock units and stock options scheduled to vest on Oct. 24, 2026 and will receive a monthly consulting fee of $64,375 for an advisory services period from the effective date to Feb. 14, 2027,” Credit Acceptance said in the SEC filing.

According to the news release, the company has already hired a new chief technology officer but plans to announce who it is in late August.

“These executive leadership changes reflect the company’s decision to bring leaders with proven transformation experience and new capabilities to product, marketing, and technology as we advance the next phase of our digital-first strategy,” Credit Acceptance said in the news release. “(Chief executive officer Vinayak Hegde) will work closely with the leadership team to maintain momentum across the Company’s product roadmap, technology modernization efforts, and dealer and consumer experience initiatives.”

Credit Acceptance highlighted that Lal has significant experience leading growth at scale and a strong understanding of customer needs across a wide range of consumer segments, including subprime consumers.

During more than 20 years at T-Mobile, most recently as senior vice president of commercial management, Lal helped to generate customer growth, sharpen the company’s market position, and build high-performing teams with strong commercial execution.

“Under Sid’s leadership, we will deepen our understanding of our customers, build differentiated products, and deliver experiences that are simpler, faster, and more effective,” Hegde said. “Sid brings deep expertise in product, marketing, and business transformation, along with a proven ability to translate strategy into growth.”

The T-Mobile connection to current Credit Acceptance leadership is strong.

Before becoming CEO last fall, Hegde served as consumer chief marketing officer at T-Mobile.

And in March, Steffen Schumann joined Credit Acceptance as chief business officer after spending more than two decades at Deutsche Telekom and T-Mobile.

“I am excited to partner with an exceptional leadership team, to serve my team and the organization, and to work alongside an incredible network of dealers,” Lal said. “The focus is clear: drive growth and retention with the consumer, the dealer, and the team at the center, through a digital-first strategy that simplifies and improves the experience for all, creating real and lasting value.”

Like Mohan, Credit Acceptance said chief product and marketing officer Andrew Rostami will step down in a move effective Aug. 14. The company said it expects both executives to support a smooth transition of responsibilities in the next six months and appreciates their contributions during a period of modernization and change.

“Andrew and Ravi have made important contributions to Credit Acceptance during a period of modernization and change,” Hegde said. “Andrew helped strengthen our product and marketing capabilities and advanced important growth initiatives, while Ravi helped modernize our technology foundation and accelerate the delivery of digital capabilities. We are grateful for their leadership and appreciate their continued support to help ensure a smooth transition.”

Two days earlier, Credit Acceptance announced via another SEC filing that previous CEO Kenneth Booth was resigning from its board, which also was being trimmed from six to five members.

Credit Acceptance confirmed in Monday’s news release that it has no immediate plans to add another director.

“After a more than 20-year career with Credit Acceptance, I remained on the board to support Vinayak and the executive team and helped ensure the company was well positioned for continued success. With that transition now complete, I believe this is the right time for me to retire from the board,” Booth said in Monday’s news release. “While I am stepping away from my formal role, I will continue to be a proud shareholder and supporter of the company.”

Hegde added, “Ken’s leadership and stewardship have had a profound impact on Credit Acceptance. He helped build a strong and enduring company while remaining deeply committed to our mission and values. We are grateful for his many contributions and for the support he provided.

“On behalf of everyone at Credit Acceptance, I thank Ken for his service and wish him the very best in retirement,” Hegde went on to say.

Booth’s retirement isn’t the only one in recent months.

In June, Credit Acceptance announced the appointment of Joe Billante as chief financial officer, who took on the position last Monday. Billante succeeded Jay Martin, who retired last Monday after 23 years with the subprime auto finance company.

And Credit Acceptance also announced retirements of chief analytics officer Arthur Smith and chief sales officer Dan Ulatowski in January.