Tricor Automotive Group Announces Retirement of Joe Campbell as Chief Executive Officer and Promotion of Loreto Grimaldi to President and Chief Executive Officer (Effective January 1, 2023)

TORONTO, Dec. 13, 2022 /PRNewswire/ - Tricor Automotive Group Inc. ("Tricor"), a leading North American provider of finance, insurance and protection products and services in the automotive retail space, today announced that Joseph L. Campbell will retire as Chief Executive Officer of Tricor, and that Loreto Grimaldi has been promoted to the position of President and Chief Executive Officer, both effective January 1, 2023.

A 40-year industry veteran, Joe has served as CEO of Tricor for over two decades driving exceptional results for Tricor's shareholders and dealers. Joe will remain on the Board of Directors of Tricor and will serve as adviser to Loreto and the Board on a series of strategic initiatives going forward.

Since mid-2020, Loreto has served as Chief Operating and Legal Officer of Tricor. He has driven considerable operational and product improvements including an organization-wide business transformation program (Tricor 2.0). Loreto brings to this role over 25 years of North American business, legal and corporate operations experience across a broad range of industries.

"We are thrilled with our Company's transition plans and know that the future of Tricor is in great hands with Loreto." said Vaughn Wyant, Board Chair.  "On behalf of the Board of Directors I would like to thank Joe for creating this unique business model that is Tricor, and for leading, growing and nurturing it to great success. As Loreto assumes the driver's seat, we are looking forward to an exciting growth phase under his leadership, and to Joe's involvement on transitional and other strategic business going forward."

"Serving as Tricor's leader has been my life's work for the past 25 years, and the privilege of my professional career," said Joe Campbell. "We have built a unique business model and company culture here at Tricor. I am confident in Loreto's leadership. Over the last few years, Loreto has retooled and modernized our business, leaving Tricor well-poised to enter an ambitious North American growth phase in 2023. I look forward to continuing to work with Loreto and our Board to take the Tricor business into the future in this ever-changing digital age of automotive retailing."

"I am very excited to serve as Tricor's CEO come January," said Loreto Grimaldi. "Over the past several years, the Tricor team has worked hard to transform our products, services, technology, and business, strengthening our overall value proposition in a fast-moving environment. With a unique and best-in-class offering, we are excited about what lies ahead for our business and our plans for expansion across Canada and beyond. The future is bright at Tricor and I am thrilled to lead this talented team."

About Tricor – Tricor is a Canadian-owned financial services company with operations across North America. Through the 250+ retail stores / online platforms of its Dealer Shareholders, Tricor provides finance, insurance and protection products and services aimed at enhancing the vehicle purchase, finance and ownership experience. Customers can purchase Tricor products and services with confidence knowing that reputable insurance companies back every Tricor-branded product in Canada and our affiliates' products in the United States. Visit us @ tricorauto.com

SOURCE Tricor Automotive Group