Having taken his final bow two months ago, Paul Antony has bowed out.

The now-former AutoCanada executive chairman has stepped down from that role as chief financial officer Sam Cochrane takes the reins as interim CEO.

Cochrane joined AutoCanada as CFO in June 2024. His resume includes almost 20 years of experience in the financial sector and as CFO of technology companies, including Telit Cinterion, Sierra Wireless and Avigilon.

“Sam’s deep knowledge of our business and strong relationships with our team and stakeholders position him well to lead during this important time,” said Chris Harris, who takes over as chairman of the board of directors. “With this important piece in place, the board can focus our attention on finding a highly qualified successor to continue to grow our business and build on the strong foundation Paul has established for long-term growth and value creation.”

In a news release, AutoCanada said Antony, whose family office is the company’s second-largest shareholder, has agreed to support Cochrane and any new CEO through the end of 2026, using his “depth of experience” in AutoCanada and the auto industry, and his relationships with AutoCanada’s OEM business partners to help with the transition.

“Sam is an experienced and widely respected executive who understands our business,” Antony said. “He has played a key role alongside the board in running the company since my transition from executive chair was announced by AutoCanada in July and is well-positioned to continue providing leadership while the board focuses on the search for a permanent CEO.”

Antony took over as AutoCanada’s leader in 2018 and has guided the Edmonton-based dealership group through some turbulent times, including a financial crisis following a disastrous second quarter 2024 that left the company struggling with debt and saddled with underperforming dealerships.

Antony and Cochrane led a “transformation plan” that included restructuring its finances, selling off unprofitable locations and streamlining its operations with a target of creating $100 million in cost savings during 2025.

A year after that plan was implemented, Antony announced the company was ahead of the $100 million goal and was now operating from “a position of strength,” with EBITDA, margins and net income all showing marked improvement.

“I was brought in to build a team and turn the company around,” Antony said. “AutoCanada is now in the strongest position for growth that it’s ever been in. The future looks very bright for the company. It’s a dynamic time for the sector, and I’m ready for the next opportunity.”

In the news release, AutoCanada said Antony will receive an undisclosed lump sum payment for severance plus other accrued salary and vacation entitlements, as well as vesting of stock options, which can be settled in cash. Depending on whether or not he cashes in those options, Antony could own anywhere from 6.7% to 11.9% of the company’s issued and outstanding shares.

He also has an option to buy a Porsche dealership in London, Ontario, including real estate in Windsor, Ontarop, and a multi-year license to certain collision and mechanical data in exchange for an upfront and annual license fee.

In another personnel move, AutoCanada said Peter Hong will transitioning out of his role as chief strategy officer and general counsel later this year, after which he will provide transition support through the end of 2026.