27 Jun 2019 07:00
Pendragon PLC ("Pendragon" or the "Company")
Directorate Change
Pendragon PLC ("the Company") today announces that Mark Herbert will be leaving the Company by mutual agreement with effect from 30 June 2019. Accordingly, Mr. Herbert will cease to be Chief Executive Officer and a Director of the Company with effect from 30 June 2019.
The Company has commenced a formal process to recruit and appoint a new Chief Executive Officer and a further announcement will be made in due course.
Until such an appointment is concluded, Executive Directors Martin Casha (Chief Operating Officer) and Mark Willis, (Chief Financial Officer) will lead the business on a day to day basis, reporting to Chris Chambers, the Chairman.
As a result of the change to the management team, it is envisaged that the strategic update originally scheduled for late September will now be postponed until the appointment of a new Chief Executive Officer is concluded.
Chris Chambers, Chairman of Pendragon PLC said:
"The Board remains fully committed to realising the long-term strategy. In the nearer term, despite challenging market conditions and the costly stock reduction programme, our focus will remain on taking steps to improve the performance of the business as outlined in our recent Financial and Operational Review."
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