30 September 2014
Inchcape plc
Andre Lacroix to step down as Group Chief Executive of Inchcape plc
Inchcape plc, ("Inchcape" or the "Group") announces that after nearly ten years as Group CEO, Andre Lacroix has tendered his resignation to enable him to take up his new role as CEO of Intertek Group plc. He will leave the Group towards the end of March, 2015 after publication of Inchcape's 2014 Annual Results. The Board has commenced a succession process.
Ken Hanna, Group Chairman said: "On behalf of the Board and all the employees of Inchcape, we thank Andre and recognise his exceptional contribution to Inchcape. Andre has been an exemplary leader and under his leadership Inchcape has strengthened its position significantly in the global automotive market. Inchcape has a track record of delivering double digit earnings growth with strong cash generation and our market capitalisation has more than doubled since we announced Andre's appointment in 2005. We will miss Andre and wish him all the very best for the future"
Andre Lacroix said: "It has been a privilege to lead Inchcape, a truly iconic corporation in the global automotive market. We have grown from strength to strength and Inchcape is well positioned to continue to deliver premium growth with premium returns. I leave behind a world class management team and I have no doubt that they will leverage the strong performance momentum and take Inchcape to new heights. I am truly excited to lead Intertek in its next phase of growth and I leave Inchcape with my deepest thanks and gratitude to all our employees, brand partners, shareholders and suppliers who have supported me through every step of this journey."
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FTI Consulting (Jonathon Brill)
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About Inchcape:
Inchcape is a leading, global premium automotive group operating in 26 markets as a distributor and retailer for the world's leading premium and luxury car brands. Inchcape has diversified multi-channel revenue streams including sale of new and used vehicles, parts, service, finance and insurance. Inchcape's core purpose is to create an incredible customer experience for the best car brands in the world. Inchcape has six leading premium vehicle manufacture groups as core brand partners - Volkswagen/Audi/Porsche; BMW/MINI/Rolls-Royce; Subaru; Mercedes-Benz; Toyota/Lexus; and Jaguar/Land Rover. Inchcape, which has been listed on the London Stock Exchange since 1958 is headquartered in London and employs around 14,500 people. www.inchcape.com
