Andy Lally, one of North American sports car racing’s most successful drivers, is preparing to retire and take on an important new role.

The New Yorker, a three-time Grand Am champion in prototypes and GTs and five-time winner of the Rolex 24 At Daytona, will take part in IMSA’s January endurance racing classic at Daytona International Speedway with his longstanding Magnus Racing team. Once the checkered flag waves over the event on January 26, the 49-year-old will join Parella Motorsports Holdings as its new Trans Am Series president.

“I could not be more excited to have Andy Lally join us as the president of Trans Am,” said PMH CEO Tony Parella. “Andy is one of the most respected, knowledgeable, talented, and accomplished leaders in motorsports.”

For Lally, whose career also includes NASCAR Cup’s Rookie of the Year honors in 2011, the ability to hang up his helmet and step directly into another significant role in the sport that offers a long runway is a rare opportunity that could not be ignored.

“The timing of this is important,” Lally told RACER. “I could probably extend my driving career another two or three years, but when something like this comes along that could end up bringing another 10-plus years in the sport, you say yes to it immediately, and I have to thank Tony Parella for making this happen for me. When he presented it to me, it just made so much sense.