JM Family Enterprises will begin the new year with new leadership.

On Monday, the company announced current president and chief operating officer Dan Chait has been named president and CEO, effective Jan. 1.

Chait is succeeding Brent Burns as CEO. JM Family said Burns will retire but remain on the company’s board of directors to provide counsel to Chait and the senior leadership team.

Leadership highlighted Chait is poised to carry forward the company culture and core values built by JM Family founder, Jim Moran, and the impactful leadership of former CEOs Colin Brown and Burns.

“Dan’s succession to president and CEO has been a part of our long-term strategic talent plans for many years,” Burns said in a news release. “During his tenure at JM Family, he has successfully led high-performing teams across multiple business units, investing his time and talents to grow and inspire the next generation of leaders.”

“Simply put, he is the right individual for the job of leading our great company forward,” Burns continued. “Dan is a person of integrity, intellect and trustworthiness who exemplifies our culture, and he’s a compassionate and inclusive leader who puts the best interest of our associates and business partners first. Plus, he has always prioritized building deep fruitful relationships with others, whether that’s with Toyota, our dealer, franchisee and banking partners, or our associates.”

During his tenure as CEO and his 24-year career at JM Family, the company said Burns successfully navigated the company through the COVID pandemic, achieved record growth and profitability, diversified into new industries leveraging the company’s core competencies and matured and grew its investment portfolios.

The company said Burns also focused on preparing for the future by upskilling its teams, modernizing technologies, and investing in facilities to provide a better workplace and capacity for decades to come.

Chait, who was named COO in May 2023 and president in March, previously held the role of president of subsidiary companies JM&A Group and Southeast Toyota Finance. He has collaborated closely with JM Family’s leadership to navigate the dynamic automotive industry and align strategic priorities.

Chait joined Southeast Toyota Finance in 2002 as vice president of asset management. He rose through the ranks, becoming group vice president in 2007, senior vice president in 2011, and president in 2012.

Before joining JM Family, Chait held senior positions at US Airways, AutoNation and UniCapital Corp.