Ron Shoemaker, who founded Flexco Fleet Services, is moving out of his role as CEO to lead The Hourglass Foundation, which he co-founded with son Chad, who will step into the top role with the remarketing company.
Chad Shoemaker will lead the Hourglass Management Corp. — the umbrella company for Flexco, the foundation, and Innovative Funding Services (IFS), an Austin, Texas-based finance company that helps drivers purchase their fleet vehicles.
The elder Shoemaker has become chairman of the foundation's board. Both moves were effective May 2.
"It is a great pleasure that we announce the promotion of Chad to CEO of our companies," Ron Shoemaker said. "For the past eight years, Chad has embraced our business models and added tremendous value to our company's visions. His attention to detail is second to none."
The foundation will seek to locate vehicles that could be donated to charitable causes and raise funds for a variety of causes, including returning veterans, families, and youth programs.
Ron Shoemaker, who founded Flexco in 1992, was named to the Automotive Fleet Hall of Fame at the 2016 Automotive Fleet & Leasing Association (AFLA) Conference. He co-founded IFS in 2007 with Tim Janssen.