REG - Inchcape PLC - Directorate Change

InchcapeAnnouncement

24/05/2023 07:00

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RNS Number : 3901A  Inchcape PLC  24 May 2023

24 May 2023

 

Appointment of Chief Financial Officer

 

Inchcape plc ("Inchcape" or the "Group"), the leading global automotive
distributor, today announces that Adrian Lewis has been appointed as Group
Chief Financial Officer (CFO) and Executive Director of Inchcape plc
from today. This follows a rigorous and comprehensive selection process that
considered both internal and external candidates.

 

Adrian joined Inchcape in September 2015 and, since November 2022, has been
the Interim CFO of the Group and helped to manage the completion of the
acquisition of Derco.  Prior to this, Adrian worked in a range of roles
across the company, most recently as Group Financial Controller from October
2020. Before that, Adrian spent three years based in Singapore as CFO of the
APAC region after starting his career with Inchcape as the CFO of the Emerging
Markets Region.

 

In addition to his Inchcape experience, Adrian has more than 15 years of
global business experience, including various senior commercial and financial
roles at Tesco plc.

 

Nigel Stein, Chairman, commented:

"I am delighted that Adrian has been appointed Group CFO, he has already made
a significant contribution to the business since stepping into the role of
Interim CFO in November 2022. Adrian's deep knowledge of Inchcape's business
and his combination of Group and Regional experience will provide the
Executive team and the Board with valuable insight. His appointment
demonstrates the exceptional breadth and depth of talent we continue to build
at Inchcape."

 

Duncan Tait, Group Chief Executive, commented:

"I am very pleased that Adrian has been appointed as Group CFO and I look
forward to working with him as we continue to deliver our Accelerate strategy.
Adrian has already made an impressive contribution as Interim CFO and he
brings extensive industry experience that will complement our Global Executive
Team."

 

Adrian Lewis commented:

"I am proud to be appointed Group CFO of Inchcape and to be working with
Duncan, our Global Executive Team and to join the Board. This is an exciting
time for Inchcape and I look forward to helping to drive our performance as we
continue our growth as the world's leading automotive distributor."

 

Additional information

There is no additional information required to be disclosed pursuant to
Listing Rule 9.6.13 relating to the appointment to the Board of Adrian Lewis.

 

Remuneration

Adrian's remuneration arrangements have been set in accordance with the
Directors' Remuneration Policy approved by shareholders at the AGM on 18 May
2023.

 

The package includes a salary of £480,000 per annum and benefit entitlements
to car, life, and medical plans. His pension entitlement will be 7% of base
salary or the ability to join the Inchcape Retirement Savings Plan. A minimum
shareholding requirement of 200% of base salary will apply during Adrian's
employment and for a period of two years after he leaves Inchcape.

 

Adrian will be eligible for a target bonus of 75% of salary and a maximum
bonus of 150% of salary. His 2023 bonus will be pro-rated for his time spent
as Group CFO during the year.

Adrian will also be eligible to participate in the Inchcape Performance Share
Plan award of 180% of salary, the Inchcape Co-investment plan and the
Save-As-You-Earn scheme.

 

Full details will be disclosed in Inchcape's FY 2023 Annual Report.

 

 

Contacts
 Inchcape plc:
 Rob Gurner                  Investor queries  +44 (0)7825 189088   investors@inchcape.com (mailto:investors@inchcape.com)
 Krishma Arora

 Media enquiries
 (Brunswick Group):
 Kate Holgate / Helen Smith                    +44 (0)20 7404 5959  inchcape@brunswickgroup.com (mailto:inchcape@brunswickgroup.com)

 
About Inchcape
Inchcape is the leading global automotive distributor, with operations across six continents. Through the unique expertise of our people, our suite of cutting-edge technology products, and our approach to advanced data analytics, we provide the platform for the world's leading mobility companies to accelerate their ambitions in markets where we and our partners want to succeed.
Our distribution platform connects the products of mobility companies with customers, and our responsibilities span from product planning and pricing, import and logistics, brand and marketing to operating digital sales, managing physical sales and aftermarket service channels.
Inchcape is driven by its purpose of 'bringing mobility to the world's communities, for today, for tomorrow and for the better'. We are committed to making a positive contribution to the communities in which we operate, for our people, for society and for the planet. The Group is headquartered in London and employs around 19,000 people globally.

www.inchcape.com (http://www.inchcape.com)

 

 

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