Credit Acceptance Corporation (NASDAQ: CACC) has announced the upcoming retirement of its Chief Executive Officer and President, Kenneth S. Booth. Effective January 31, 2026, Mr. Booth will step down from his current roles but will continue to serve as a member of the company's board of directors. The board has unanimously elected Vinayak R. Hegde as the next CEO and President, with his appointment taking effect from November 13, 2025. Mr. Booth will transition to an executive board member position.
During Mr. Booth's tenure, Credit Acceptance experienced significant periods of change, growth, and modernization. Under his leadership, the company focused on strengthening its culture of excellence and laying a solid foundation for the future. Mr. Booth expressed his pride in the company's accomplishments and his confidence in the leadership transition, stating that he looks forward to continuing to support the mission as a board member.
Vinayak R. Hegde, the incoming CEO, has been an active strategic partner to the company's leadership team for the past four years while serving on the board of directors. He brings with him a strong background in innovation, digital transformation, and customer-focused growth across various industries, including technology, e-commerce, and consumer services. Prior to his appointment at Credit Acceptance, Mr. Hegde served as the Consumer Chief Marketing Officer at T-Mobile US, Inc., where he led marketing, revenue, and digital transformation for the company's consumer business.
Mr. Hegde expressed his honor in stepping into the CEO role and emphasized his commitment to building on the strong foundation laid by Mr. Booth and the team. He highlighted his firsthand experience with the passion, talent, and resilience of the organization and stated his focus on continuing to innovate, deliver for customers and partners, and create long-term value for stakeholders.
Credit Acceptance Corporation, publicly traded on the NASDAQ stock market under the symbol CACC, is known for providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. The company's financing programs are offered through a nationwide network of automobile dealers, providing consumers with an opportunity to purchase vehicles and improve their credit scores. Following these announcements, the company's shares moved -0.68%, and are now trading at a price of $503.11. Check out the company's full 8-K submission here.
