Directorate Change

RNS Number : 3148R

Auto Trader Group plc

07 March 2016

 

7^th March 2016

AUTO TRADER GROUP PLC

BOARD CHANGES

Auto Trader Group plc (LSE: AUTO, "Auto Trader" or the "Company") the UK's largest digital automotive marketplace, announces that Tom Hall, Nick Hartman and Victor "Chip" Perry III have resigned from the Board with immediate effect.

Tom Hall and Nick Hartman had previously been appointed to the Board under the terms of a Relationship agreement entered into with the Company's former principal shareholders, funds advised by Apax.  The Relationship Agreement entitled funds advised by Apax to nominate two Non-Executive Directors to the Board providing they continued to hold voting rights over 20% or more of the Company's issued share capital.  As announced on 26^th February 2016, funds advised by Apax have now disposed of the majority of their holdings in the Company, and therefore Tom and Nick have both offered their resignations to the Board.

Chip Perry has also notified the Board that he wishes to resign as a Director of the Company owing to his executive commitments.  Chip, CEO of AutoTrader.com in the US from 1997 to 2013, was recently appointed as President and CEO of TrueCar Inc, a Company listed on NASDAQ, based in Santa Monica, California.  Chip will continue to assist the Company in an advisory capacity, helping the Company to understand and interpret developments in the US automotive advertising market and their applicability to Auto Trader in the UK.

Following the resignations, the Board will comprise three Independent Non-Executive Directors, two Executive Directors and the Non-Executive Chairman.  The Board and its committees fully conform to the Corporate Governance Code.   

Commenting on the changes, Ed Williams, Chair of Auto Trader, said:

"Tom Hall has been involved with the business since June 2007, and was instrumental in transforming Auto Trader into a 100% digital business. Nick was appointed in October 2013 and has contributed greatly to the business, particularly with regard to improving operational standards and effectiveness. In his two years on the Board, Chip has brought us and our customers unparalleled knowledge of leading edge on-line practices from the US.

We thank Apax in general and Tom and Nick in particular for their outstanding contribution to making Auto Trader the leading digital business that it is today.  We thank Chip for the huge know-how he has brought to the business, wish him every success in his new role at TrueCar and appreciate his continued contribution to our business in an advisory capacity."

Enquiries: 

Powerscourt Rob Greening / Lisa Kavanagh [e-mail]	[phone]
Auto Trader Group plc Sean Glithero, Finance Director	[phone]

 

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