BURLINGTON, Vt. -

Dealer.com has named a new chief executive officer, the company said late last week.Tapped for the position is president and co-founder Rick Gibbs.

Gibbs officially becomes CEO and president of the company on Jan. 1.

Company co-founder and current CEO Mark Bonfigli will focus on “innovating and evolving” Dealer.com's workplace and unique culture of wellness and community engagement in the newly created role of “chief earthling,” according to the release. He will remain on the board of directors.

“I have decided it's time for me to step away from day-to-day responsibilities as CEO, and focus my energy and passion on growing and continuing the spirit of our company,” said Bonfigli.

“Rick has been my partner in creating this business, and I am beyond confident that he is the best person to lead this company as CEO. With his strategic vision and leadership capabilities, and my dedication to our positive energy and culture, we are more than ready for our next stage of growth,” he continued.

Jason Chapnik, chairman of the board of directors also commented on the news, noting, “This is a great move for Mark, Rick and the company.

“They are both amazing leaders and are now positioned to focus on what each does best. They have the vision and fortitude to keep Dealer.com nimble and responsive, while staying true to its original vision and values,” he added.

Highlighting Gibbs’ time with the company, as chief technology officer, he has been a “driving force” behind the company's products and technology, officials shared.

“Since his appointment to president in 2010, he has orchestrated phenomenal growth for the company, strengthened performance, and helped the company better align with customer needs. Gibbs's ability to combine creativity with strategic foresight has enabled him to structure Dealer.com as an organization for seamless scalability, long-term growth and success,” they added.

Gibbs also expressed his enthusiasm for  his new role with the company, saying, “I am energized about my new position and am ready to lead Dealer.com. I respect and appreciate everything Mark has done for this company, and his devotion and inspiration has made Dealer.com an incredibly special place – for our people and for our customers. I look forward to what lies ahead as we continue to chart new territory in the auto industry as a category leading brand.

“The culture of wellness, innovation and collaboration at Dealer.com is possible because of the people we bring into the company, and also because we have nurtured it at every stage of growth. As we continue to develop, we have to keep our spirit alive because that is what makes customers want to work with us, and talented people want to work here. I am looking forward to working with Mark to ensure that we continue our commitment to our people, product and customers,” he concluded.