AA PLC Directorate Change (4489X)

TIDMAA.

RNS Number : 4489X

AA PLC

29 April 2019

April 29 2019

AA plc

("AA" or "the Company")

Martin Clarke to step down as CFO

Mark Strickland to be appointed Interim CFO

The AA announces today that Martin Clarke has resigned and decided to step down with immediate effect from his role as Chief Financial Officer and as a director of the AA, after nearly five years of service.

Martin, was part of the team that led the original acquisition and subsequent IPO of the AA in 2014. He was appointed Chief Financial Officer in November 2014. He has played a critical role in stabilising the business, including implementing its new business strategy and leading several successful refinancings of the Company. The most recent of these has resulted in the extension of our effective near-term debt maturities until January 2022, providing significant runway for the business to focus on execution of its strategic plan.

Martin came to the AA with over 30 years of private equity experience, principally in the role of Partner and Global Head of Consumer for Permira, which he joined in 2002. Prior to Permira, he worked at Cinven and Silverfleet, the private equity arm of Prudential plc.

Mark Strickland, who joined the AA in 2016 and played a lead role in the day-to-day running of the AA's finance function, has been appointed interim CFO, effective 30th April 2019. The interim role is not a Board position.

The Board will immediately commence a formal process to select a permanent successor who will work with Simon Breakwell, CEO on the next phase of the transformation of the Company.

John Leach, Chairman of The AA plc said: "Martin has been a great steward to the AA, during a challenging time for the Company since its IPO. Most recently, Martin has played an instrumental role in strengthening the Company's balance sheet, in addition to embedding the new business strategy, which underpins the AA's future success. On behalf of the Board, I would like to thank Martin for his significant contribution.

Mark Strickland is an experienced finance director, who has led the day-to-day running of the AA's finance team for the last three years. I am grateful that he has agreed to take on the role of interim CFO."

Martin Clarke said: "After nearly five years with the AA now is the right time to identify the next CFO of the Company who can commit to the long term and the realisation of the strategic vision set out by Simon Breakwell and myself. The most recent refinancing, and the delivery of full year results in line with expectations, means the Company is well positioned to execute its strategy and deliver sustainable growth. I remain a major personal investor in the Company and wish it well for the future. For me, now is the right time to return to my twin passions of private investing and politics."

As reported in our full year results on 3rd April, the Company remains confident that its strategic plan will deliver sustainable EBITDA growth in FY20.

There is no additional information to disclose under paragraph 9.6.11 of the Listing Rules in respect of the changes to this appointment. For further information, please contact:

Investors: The AA plc

Zeeshan Maqbool, Investor Relations and Corporate Finance

Tel: [phone]

[e-mail]

Media: Finsbury

Jenny Davey/Rollo Head

Tel: [phone]

[e-mail]

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April 29, 2019 10:30 ET (14:30 GMT)