REG - Inchcape PLC - Directorate Change

InchcapeAnnouncement

14/12/2023 12:00

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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 189 088  investors@inchcape.com (mailto:investors@inchcape.com)
 Krishma Arora

 Brunswick Group (Media queries):
 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.
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 (http://www.inchcape.com)

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