(Alliance News) - Car dealer Inchcape PLC on Monday said it has appointed former Fujitsu Ltd executive Duncan Tait as new chief executive with effect from June 1.
Tait will assume the role in full on July 1 following a handover period with outgoing CEO Stefan Bomhard, who is leaving to head up tobacco firm Imperial Brands PLC.
Inchcape Chair Nigel Stein said: "Duncan has worked with numerous industries and governments around the world and also brings with him experience of the automotive industry having been Fujitsu's executive sponsor for Ford Motor Co. He was accountable for programmes with Volkswagen AG, Daimler AG and BMW AG, including work on autonomous vehicle and mobility projects. His almost ten-year experience of Japanese business and culture will also be valuable to our business".
Tait will be joining at a challenging time for the company, with the UK government-imposed lockdown forcing Inchcape to curtail cost and abandon shareholder payouts.
In April, the FTSE 250-listed company had said it would not recommend its proposed 17.9 pence per share final dividend in a bid save cash due to the Covid-19 outbreak.
The company also had cut board and senior executive pay by 25% and was exploring other debt options to increase liquidity and flexibility.
The virus pandemic and resultant lockdowns have also forced car dealers to evaluate potential mergers with peers. Pendragon PLC on Monday confirmed press reports that it has held discussions with peer Lookers PLC over a potential merger, but discussions have now been terminated.
Shares in Inchcape were down 1.2% at 488.20 pence each in London on Monday.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Inchcape (INCH)
Imperial Brands (IMB)