07:32 AM EDT, 10/29/2025 (MT Newswires) -- AutoCanada ( AOCIF ) , an automobile dealership group, overnight Tuesday said it appointed its chief financial officer, Sam Cochrane, as interim chief executive officer.

A statement noted that, concurrently with Cochrane's appointment as interim CEO, Paul Antony is transitioning out of his role as AutoCanada's ( AOCIF ) executive chair and as a director of the company.

The company noted that Antony agreed to support Cochrane and any CEO appointed by AutoCanada's ( AOCIF ) board of directors for a transitionary period until Dec. 31, 2026, pursuant to an advisory agreement with AutoCanada ( AOCIF ) on customary terms.

In connection with Antony's transition, Chris Harris has been appointed chair of the AutoCanada ( AOCIF ) board, said the company.

According to the transition agreement entered into between Antony and AutoCanada ( AOCIF ), Antony will receive, among others, "a lump sum payment for severance in accordance with his employment arrangements, plus other accrued salary and vacation entitlements, less applicable withholdings."

A statement further noted that the company has also concurrently agreed to grant Antony an option to acquire a Porsche dealership in London, Ontario, including associated lands and buildings and certain vacant lands in Windsor, Ontario, for a purchase price equal to the greater of the company's aggregate cost of such assets and the fair market value of such assets, in each case plus certain adjustments which are customary in the industry and on other customary terms and conditions.

The company added that the dealership option may be exercised prior to Dec. 31, 2026. AutoCanada ( AOCIF ) also agreed to grant Antony a right of first refusal on customary terms to acquire the dealership if the company receives an offer to acquire such assets prior to Dec. 31, 2026, that it is prepared to accept.

The company said it also granted to a company controlled by Antony a multi-year license to certain collision and mechanical data in exchange for an upfront and annual license fee and certain other covenants.

AutoCanada ( AOCIF ) added that certain of the arrangements provided for in Antony's transition agreement will be subject to third party consent, including the consent of its lenders.

"Sam's deep knowledge of our business and strong relationships with our team and stakeholders position him well to lead during this important time," said Chris Harris, lead independent director. "With this important piece in place, the Board can focus our attention on finding a highly qualified successor to continue to grow our business and build on the strong foundation Paul has established for long-term growth and value creation."