Stephen L. Moore, CEO of Parman Holdings, will step aside from the role on Dec. 31, while Rachel J. Hockenberger, who is currently the CFO of the company, will take over as its new CEO.

Parman Holdings is a 100% employee-owned holding company with headquarters in Nashville, TN. The company’s current operations include energy distribution and a heavy equipment dealership.

“It has been an exciting journey to transition ownership of Parman to its employees and to champion growth in the energy sector and our diversification into equipment sales and leasing,” Moore, who will retain the executive chairman role at the company, said. “We have an excellent leadership team at both operating companies and Rachel is uniquely qualified to lead the holding company and vet additional core growth opportunities and further diversification strategies.”

“I know that I speak for everyone at Parman in thanking Steve for his leadership and dedication to the company,” Hockenberger said. “I am incredibly excited to assume this new role and for the future of our brand. We have an exceptionally talented team at Parman, a team focused on taking decisive actions to transform the business, continuing to strengthen our brand in new and diverse ways and unlocking future growth opportunities. We remain confident in our employee ownership platform, and I believe we are taking the right steps to move the business forward.”