Inchcape PLC Duncan Tait appointed as Group CEO of Inchcape plc (7389L)

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RNS Number : 7389L

Inchcape PLC

04 May 2020

This announcement contains inside information

Inchcape plc

Duncan Tait appointed as Group CEO of Inchcape plc

Inchcape plc is pleased to announce that Duncan Tait will join the Board as Group Chief Executive Officer (Designate) with effect from 1 June 2020 and will assume his full role on 1 July following a period of handover from Stefan Bomhard.

Duncan was most recently on the Board of Directors at Tokyo listed company Fujitsu Ltd, the global technology services giant, with responsibility for EMEIA & Americas, a business with $10bn turnover and 35,000 people. He has significant international experience and consistently proven success in several globally recognised companies. Duncan currently serves as a non-executive director on the boards of Agilisys Ltd and Business in the Community. He previously held executive and senior management positions at Unisys, Hewlett Packard and Compaq in a technology services-focused career of over 30 years. Since leaving Fujitsu, Duncan has also joined ScaleUp Group, advising and supporting the growth potential of entrepreneurial businesses.

Duncan's appointment comes after a thorough search process which attracted strong interest and a group of high-quality candidates. It follows the decision by Stefan Bomhard to step down as CEO and leave the business on 30 June 2020 in order to take up the position of Group CEO at Imperial Brands plc.

Nigel Stein, Chairman, said:

"We are delighted to welcome Duncan to Inchcape. He is an exceptional Chief Executive and I am confident that Duncan's style and approach will be a good fit with Inchcape's culture and values, and his substantial technology-focused background will help the acceleration of our Ignite strategy. Duncan has worked with numerous industries and governments around the world and also brings with him experience of the automotive industry having been Fujitsu's executive sponsor for Ford Motor Company. He was accountable for programmes with VW, Daimler and BMW, including work on autonomous vehicle and mobility projects. His almost ten-year experience of Japanese business and culture will also be valuable to our business.

I would like to repeat my thanks to Stefan Bomhard for his contribution to Inchcape since his appointment in 2015 and to wish him well in his future endeavours."

Duncan Tait said:

"I am very pleased to be joining Inchcape and leading the business at such a dynamic time for the automotive sector. I look forward to working with a very talented management team as we navigate through the complexities of Covid-19, on the next phase of the Company's growth plan, at the same time maximising the opportunities that will come from new and developing trends in the industry."

Stefan Bomhard said:

"I would like to thank Nigel, the Board and my colleagues on the Group Executive team for their support over the last five years in the transformation of Inchcape towards a distribution weighted business model behind the Ignite strategy. This is fundamentally a very strong business with, I believe, a great future of growth ahead, and I wish everyone at Inchcape the very best."

There is no additional information required to be disclosed pursuant to Listing Rule 9.6.13 relating to the appointment of Duncan Tait as a director of Inchcape plc.

Ends

Note on remuneration:

Duncan's remuneration package has a salary similar to that of his predecessor in 2019, with a small adjustment for inflation, but a lower 10% of salary pension contribution. In all aspects it is in line with the company's pay policy and there are no awards for lost opportunities elsewhere. Duncan has readily accepted the voluntary, temporary 20% salary reduction applying to all Inchcape's Board and senior executives, which was announced last month. Duncan is London-based and there are no relocation fees included in his remuneration package.

Investor Relations, Inchcape plc

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Instinctif (Mark Garraway)

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About Inchcape

Inchcape plc is the leading independent multi-brand Automotive Distributor and Retailer, operating in 33 markets with a portfolio of over 30 of the world's leading car brands. Inchcape has diversified multi-channel revenue streams including sale of new and used vehicles, parts, service, finance and insurance. The Company has been listed on the London Stock Exchange since 1958, is headquartered in London and employs around 17,300 people. www.inchcape.com

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