Familiar names now have new roles at Sonic Automotive.

This week, the publicly traded dealership group announced that its board of directors has elected David Smith as chief executive officer and Jeff Dyke as president, both effective as of Tuesday.

Sonic also said Scott Smith, the company’s co-founder, resigned as chief executive officer and president of the company and as a member of its board of directors, effective on Monday, to take on a new role with the company and to spend more time with his family after having served for more than 21 years as a director and an executive officer.

The company said Scott Smith will remain an employee in his capacity as co-founder to ensure a smooth leadership transition and to provide strategic advice to the leadership team.

“Sonic Automotive is a fantastic company run by thousands of fantastic employees to whom I am deeply grateful for their hard work and dedication,” Scott Smith said. “It has been a pleasure and great privilege to lead the company.

“I am excited to move into a different role that will allow me to spend more time with my family, and I am also committed to help David, Jeff and our other teammates with a smooth transition,” Scott Smith added.

David Smith has a more than 20-year tenure with the company, most recently serving as executive vice chairman and chief strategic officer since March.  Prior to that appointment, he served as vice chairman from March 2013 to March 2018, executive vice president from October 2008 to March 2013, senior vice president of corporate development from March 2007 to October 2008, vice president of corporate strategy from October 2005 to March 2007, and as dealer operator and general manager of several of the company’s dealerships prior to October 2005. 

David Smith has also served as a member of the Company’s board of directors since October 2008.

Dyke has served as Sonic’s executive vice president of operations since October 2008, where he has been responsible for direct oversight for all of Sonic’s automotive operations. Dyke joined the company in October 2005.

“I am grateful to Scott for his many years of outstanding service and leadership. He has been instrumental in charting our course and helping to build one of the nation’s largest automotive retailers,” said Bruton Smith, the company’s founder and executive chairman.

“At the same time, we have a very talented executive leadership team, and we are confident that David’s and Jeff’s deep knowledge of our businesses, commitment to our culture, and focus on value creation for stockholders have prepared them well,” Bruton Smith continued.

William Belk, the company’s lead independent director, added, “This announcement is the result of our planned succession process being implemented. The company’s independent directors have strong confidence in David and Jeff. 

“We also are appreciative of Scott’s great work over the past two decades and know his continued role as an advisor to David, Jeff and the rest of the leadership team will be invaluable,” Belk went on to say.