Inchcape Regulatory News (INCH)

Inchcape plc

Chief Financial Officer update

Inchcape plc ("Inchcape" or the "Group") today announces that Gijsbert de Zoeten, Group Chief Financial Officer, has voluntarily tendered his resignation, and will be standing down from the Board with immediate effect. This follows an incident at a recent event where, through a lapse in judgement, he displayed personal behaviour falling short of the high standards expected of the leadership of the Group. His decision is unrelated to the company's financial performance or strategic direction, including the Derco acquisition. The Class 1 Circular to shareholders is expected to be published later today, and will reaffirm the Group's 2022 outlook and the expected timetable to completion of the Derco transaction, as detailed in our announcement on 27 October 2022.

In keeping with the company's succession planning, Adrian Lewis, currently Group Financial Controller, has been appointed Acting Group Chief Financial Officer. A process to identify a permanent successor is being initiated.

-Ends-

Notes for editors

Details of outstanding remuneration payments due to Mr de Zoeten will be available on www.inchcape.com in accordance with section 430(2B) of the Companies Act 2006. He will not receive any payment for loss of office.

Adrian Lewis, Acting Chief Financial Officer

Adrian Lewis joined Inchcape in 2015, initially as CFO for the Emerging Markets region where he played a leading role the Indumotora acquisition and integration, at the time Inchcape's most significant acquisition for many years. Adrian subsequently moved to Singapore as CFO for the Asia Pacific region, Inchcape's most profitable region. In October 2020, Adrian returned to the UK to lead the finance function as Group Financial Controller. Prior to Inchcape Adrian held various senior finance roles at Tesco.

Adrian is a CIMA qualified chartered accountant.