Lookers PLC Board Changes (8587Q)
June 24 2020 - 2:00AM
UK Regulatory
TIDMLOOK
RNS Number : 8587Q
Lookers PLC
24 June 2020
24 June 2020
Lookers plc ("the Company" or "the Group")
BOARD CHANGES
The Group today announces changes to its Board in order to
refresh and strengthen the Board for the long-term future of the
business, under the leadership of Mark Raban as Chief Executive
Officer.
Phil White, Chairman, said:
"The Group has faced many significant issues in the recent past,
both externally and internally, which have been exacerbated by
Covid-19. As a Board, we have had to take many difficult decisions
and it has been critical to be able to draw on the experience of
all the members of the Board and to have had consistency during
this challenging period.
"The Board recognises the need to bring in new skills and
experience to guide the business through the next phase of its
development. With our dealerships reopened, we believe now is the
time to put in place plans for the future of Lookers. As a result,
we have agreed an orderly transition to refresh the Board over the
coming months.
"I am extremely grateful to my colleagues on the Board for their
hugely valuable contribution and commitment. In particular, I would
like to thank both Richard Walker and Sally Cabrini, who are
leaving the Board after next week's AGM, for their support and
contribution to the Group over many years.
"I remain committed to resolve the Group's legacy issues,
reshape the Board and ensure that the Group is strategically well
positioned to exploit the many opportunities ahead."
Board changes
At the request of the Board, Phil White will assume the role of
Executive Chairman with effect from 1 July 2020 to oversee this
transitional period.
Richard Walker, Senior Independent Director and Sally Cabrini,
Non-Executive-Director and Chair of the Remuneration Committee,
have confirmed that they will not stand for re-election at the AGM
on 29 June 2020. Accordingly, the relevant resolutions for each of
them that were to be proposed at the AGM will now not be put to the
meeting and Richard and Sally will step down from the Board at the
conclusion of the AGM.
Stuart Counsell, Non-Executive Director and Chair of the Audit
and Risk Committee has agreed to remain on the Board until the
completion of the 2019 results and the appointment of his
successor.
Tony Bramall, Non-Executive Director, has indicated he will not
stand for re-election at the 2021 AGM.
Heather Jackson, Non-Executive Director, will with effect from 1
July 2020 act as Senior Independent Director and become Chair of
the Remuneration Committee on completion of the 2019 results.
Vicky Mitchell, Non-Executive Director, will assume the role of
Chair of Lookers Motor Group Limited, the FCA regulated entity,
with effect from 1 July 2020, subject to regulatory approval.
A search is underway for a new non-executive Chairman and two
new Non-Executive Directors, one of whom will fill the role of
Chair of the Audit and Risk Committee.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014.
For further information:
Phil White, Executive Chairman Tel: 0161 291 0043
MHP Communications
Tim Rowntree, Simon Hockridge Tel: 07709 496 125 / 020
3128 8527
Email: Lookers@mhpc.com
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END
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