TIDMINCH
RNS Number : 8648W
Inchcape PLC
14 December 2023
Directorate Changes
Proposed Appointment of New Chair and Appointment of New
Non-Executive Director
Inchcape plc, the leading global automotive distributor, today
announces the retirement of Nigel Stein and the proposed
appointment of Jerry Buhlmann as Chair of its Board of Directors
("the Board") and the appointment of Alison Platt as a
Non-Executive Director.
It is intended that Jerry, the Board's current Senior
Independent Director, will succeed Nigel Stein as Chair following
the conclusion of the Group's next Annual General Meeting ("AGM")
on 9 May 2024, subject to shareholder approval. This ensures
seamless continuity of Board leadership to support the Group, as it
continues to deliver on its Accelerate strategy. Alison joins the
Board on 2 January 2024 and will succeed Jerry as Senior
Independent Director in May 2024.
Nigel, who has been the Chair since 2018 and a Board member
since 2015, will be standing down at the AGM, given his nine-year
term as a member of the Board will come to an end during 2024.
Jerry has over 40 years' experience in the media and advertising
industries and was formerly CEO of Aegis Group plc and Dentsu Aegis
Network. Jerry is currently Chair of private equity-owned digital
marketing agencies - Dept, Croud Limited, and Hybrid and is also a
member of the Supervisory Board of ServicePlan GmBH.
Alison currently serves as chair for Dechra Pharmaceuticals PLC,
and will join as Chair of Hargreaves Lansdown in early 2024. She
also serves as Non-Executive Director and Chair of the Remuneration
Committee for Tesco, and as Chair of Ageas UK, which is unlisted.
She previously held senior leadership positions at Countrywide
Group Ltd., where she was CEO, BUPA and British Airways Plc as well
as Chair of Legal & General Financial Advice and Non-Executive
Director at Cable & Wireless Communications plc and the Foreign
and Commonwealth Office.
Duncan Tait, Chief Executive Officer of Inchcape plc, commented
:
"I am delighted to welcome Jerry as the Company's proposed new
Chairman. Given his already valuable tenure on our Board, his
appointment ensures seamless continuity of leadership as we drive
forward with our Accelerate strategy. He has a long track record in
leading and managing large and diverse global organisations, with
significant experience and knowledge of technology-enabled
businesses. This will be a major asset for Inchcape, as we continue
to leverage our digital capabilities to further grow and diversify
our Distribution business with more mobility partners in more
geographies.
"I am also very pleased to welcome Alison to our Board, as our
new Senior Independent Director. She brings a wealth of experience
across a variety of industries, and I know she will be a valuable
member of our Board.
"Finally, I would like to take this opportunity, both personally
and on behalf of the Board, to wish Nigel all the best for the
future. His leadership of the Board has been inspiring and his
guidance, support and advice will be greatly missed."
Jerry Buhlmann, Chairman-elect of Inchcape plc, commented:
"I am honoured to have the opportunity to become the proposed
Chairman of Inchcape plc at such an exciting phase of the Group's
strategic development. The Group is extremely well positioned for
the future, having built a strong position as the global leader in
automotive distribution, supported by on-going operational and
financial performance delivery. Given the exciting and numerous
growth prospects available to Inchcape in the future, I am looking
forward to leading the Group's strong and diverse Board, and
supporting Duncan and his executive management team, with a view to
ensuring that the business continues to deliver value for all of
its stakeholders in the future.
"I would like to thank Nigel for his leadership since I joined
the Board. In his time as Chairman, Nigel has led a consistent
enhancement of the breadth and depth of the Board's expertise and
skillsets, as well as driving on-going diversification of its
composition. In addition, Nigel has built a strong collegiate
culture around the Board and I aim to continue to build on his
excellent work in all these areas in the future.
"I am also delighted to welcome Alison as our new Senior
Independent Director. Her appointment further expands the depth of
expertise and breadth of knowledge of our Board, as we help to
guide our strong and impressive management team in delivering
against Inchcape's strategic objectives in the future."
Nigel Stein, Chairman of Inchcape plc, commented:
" I have been honoured to have served Inchcape as Chair since
2018. During this time, the Group has significantly transformed
towards becoming a scaled and diversified pure-play automotive
distribution business, working in multiple markets for a wide range
of mobility partners.
"With a strong governance framework and an enhanced Board,
Inchcape has consistently delivered an excellent performance during
a period of substantial change in our industry. Inchcape is
strongly positioned for growth and I look forward to following the
Group's further success in the future."
The Company confirms that there is no further information to be
disclosed pursuant to paragraph LR 9.6.13R of the Listing Rules of
the Financial Conduct Authority with regard to this
appointment.
Contacts
Inchcape plc (Investor
queries):
Rob Gurner +44 (0)7825 189 investors@inchcape.com
088
Krishma Arora
Brunswick Group (Media
queries):
Kate Holgate / Helen +44 (0)20 7404 inchcape@brunswickgroup.com
Smith 5959
About Inchcape
Inchcape is the leading global automotive distributor, with
operations across six continents.
By combining our in-market expertise with our unique technology
and advanced data analytics, we create innovative customer
experiences that deliver outstanding performance for our partners -
building stronger automotive brands and creating sustainable
growth.
Our distribution platform connects the products of mobility
companies with customers, and our responsibilities span product
planning and pricing, import and logistics, brand and marketing to
operating digital sales, managing physical sales and aftermarket
service channels.
Delivering for our partners, our customers and our people - so
they can realise their ambitions in the new world of mobility.
The Group is headquartered in London and employs over 21,000
people globally.
www.inchcape.com
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