Sonic Automotive Inc. is shuffling some executive positions, naming its co-founder Scott Smith to the post of CEO, effective immediately, the company said in a statement today.

Smith, 47, replaces his father and the company’s founder O. Bruton Smith, 88, who will now serve as executive chairman.

Scott Smith has been Sonic’s president since 2007. He will retain that title and will work with executives and the board of directors in his new position as CEO.

O. Bruton Smith will report directly to the board of directors and will work closely with Scott Smith and Vice Chairman David Smith, also O. Bruton Smith’s son.

Scott Smith said the leadership changes will not affect the company’s direction.

“Really our strategy does not change in any way, shape or form,” he said. “We’re continuing to go the same route we had already planned for the long term and we look forward to the future.”

Sonic, based in Charlotte, N.C., ranks No. 5 on the Automotive News list of the top 150 dealership groups based in the U.S. with sales of 135,932 new vehicles in 2014.