What’s “been the honor of my career” is winding down for Credit Acceptance’s Kenneth Booth.

The subprime auto finance company announced on Tuesday that Booth, who is CEO and president and a member of the company’s board of directors, will retire on Jan. 31 and remain a board member.

Arriving much sooner than that date will be the new CEO and president who has a professional background with technology-driven companies such as Amazon, Airbnb and T-Mobile. Credit Acceptance’s board unanimously elected and appointed Vinayak Hegde as its next chief executive officer and president, effective Nov. 13.

On that date, Booth will transition to be an executive board member, according to a news release.

“Serving as CEO of Credit Acceptance has been the honor of my career,” Booth said in the news release. “My decision to retire wasn’t easy, and I’m incredibly proud of everything we’ve accomplished together. We’ve built a company grounded in purpose, performance, and care for our people.

“As I prepare for the next chapter in my life, I’m confident that the company is in great hands with Vinayak, and I look forward to continuing to support our mission as a member of the board,” Booth continued.

During his tenure, the company highlighted Booth led Credit Acceptance through significant periods of change, growth, and modernization, strengthening the organization’s culture of excellence and setting a solid foundation for its future.

“On behalf of the board, I want to thank Ken for his exceptional leadership and deep commitment to our people and our mission,” Credit Acceptance board chair Tom Tryforos said. “Under Ken’s leadership we have made great strides in technology, product, marketing, customer obsession, and process improvements that position Credit Acceptance for continued success.

“We are grateful for his many contributions and pleased he will continue to support the company as a member of our board,” Tryforos added.

Hegde has been on that board for the past four years, being what Credit Acceptance called “an active strategic partner to the leadership team.”

Credit Acceptance highlighted that Hegde possesses a strong background in innovation, digital transformation, and customer-focused growth across multiple industries, including technology, e-commerce, and consumer services.

Most recently, Hegde served as consumer chief marketing officer at T-Mobile US, where he led marketing, revenue, and digital transformation for the company’s consumer business.

Prior to T-Mobile, Hegde he served as president of Wheels Up Experience, a leading private aviation platform, and held senior leadership roles at Airbnb and Groupon. Earlier in his career, he spent more than 12 years at Amazon, contributing significantly to the company’s growth in e-commerce and the Prime ecosystem.

“I’m honored to step into the CEO role and build on the strong foundation Ken and the team have created,” Hegde said. “I’ve seen firsthand the passion, talent, and resilience of this organization. Together, we’ll continue to innovate, deliver for our customers and partners, and create long-term value for our stakeholders.”