Directorate Change

RNS Number : 4915U

Inchcape PLC

15 May 2008

 

INCHCAPE PLC
Board Change

Peter Johnson to step down as Non-Executive Chairman after thirteen years with the Group

Inchcape plc ('Inchcape' or the 'Group'), the world's leading car retailer, today announces that Peter Johnson will step down from his position as non-executive Chairman at the end of his three years. Peter will remain in the role until a successor is found and to manage the handover. The Company will be undertaking a thorough search and review process for a new non-executive Chairman. 

Peter Johnson has been with Inchcape plc for over thirteen years. He joined the business in 1995 as Chief Executive Inchcape Motors Retail and was appointed as a main Board Director in 1998, where he was involved in determining the strategic direction of the Group and key decisions on Inchcape's diverse range of businesses.  

In July 1999, Peter became Inchcape's Group Chief Executive. He initiated a multi-million pound international divestment programme and the launch of Inchcape as a pure-automotive group, focusing on primary markets with key manufacturer relationships. In his six years as Group Chief Executive, market capitalisation increased by over five times. 

Given Peter's knowledge of the automotive industry and relationship with key suppliers and after consultation with shareholders, Peter was appointed non-executive Chairman in January 2006. At the same time, it was announced that he would serve in this role for a period of three years. 

 André Lacroix, Group Chief Executive, commented:

'Under his leadership, Peter has overseen a fundamental change in the Group, turning an international conglomerate into the world's leading car retailer, delivering significant value to shareholders along the way. It has been a real privilege to have served with Peter and to have benefited from his enormous industry experience.'

Peter Johnson, non-executive Chairman of Inchcape, commented:

'I have thoroughly enjoyed my years with Inchcape, especially working with so many talented colleagues, both on the Board and in the business. I will be leaving the Group in very good hands and I have no doubt that Inchcape will continue to thrive and build upon its market leading position.'

For further information, please contact:

Group Communications, Inchcape plc

[phone]

 

Investor Relations, Inchcape plc

[phone]

 

Financial Dynamics (Jonathon Brill/Billy Clegg)      

[phone]

Notes to editors

Inchcape plc

Inchcape plc is the leading independent, international automotive retailer, with scale operations in Australia, Belgium, Greece, Hong Kong, Singapore and the UK. The Group also has operations in a number of other markets, including Eastern Europe, the Baltic's, China, Russia and South America. In addition to growing its core businesses, Inchcape is looking to develop scale operations in new and emerging regions. It represents leading automotive brands and operates either a retail, or a vertically integrated retail model (i.e. exclusive distribution and retail), depending on the market. Inchcape's current key manufacturer partners are Toyota/Lexus, Subaru, BMW, Mazda, Mercedes-Benz, Volkswagen, Audi and Honda.

For further information, visit us at www.inchcape.com

 

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