Bob Brockman, who faces federal charges for tax evasion and wire fraud, has stepped down as CEO and chairman of Reynolds and Reynolds Co., the company said Friday.
Tommy Barras, who in June was promoted to president and COO, will take over immediately as CEO of the privately held dealership management system giant, Reynolds said. Barras, 61, will keep the president and COO titles.
A chairman has not yet been named, a Reynolds spokesman said.
"I am both humbled and excited by the opportunity to lead this company," Barras said in a news release. "I have the benefit of the most talented senior executive leadership team with decades of automotive experience to lean on. We also have talented associates who are passionate about the business. That's an unbeatable combination and the future looks very bright."
The company did not immediately release a statement from Brockman.
Brockman last month was indicted in what the federal government is calling the "largest-ever tax charge against an individual in the United States." Prosecutors allege Brockman created an elaborate offshore scheme over two decades to evade taxes on $2 billion in income from private equity investments, including using business representatives to move money. He also faces charges of evidence tampering and destruction of evidence.
Reynolds and Reynolds, of Dayton, Ohio, has not been accused of wrongdoing in the government's case.
Brockman, 79, has pleaded not guilty to the charges and is free on bail. A court appearance is scheduled for next week to review his bail conditions.
Barras joined Reynolds and Reynolds in 1976, the company said. He previously served as executive vice president of software development.
