Inchcape PLC Duncan Tait appointed as Group CEO of Inchcape plc (7389L)
May 04 2020 - 1:00AM
UK Regulatory
TIDMINCH
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
+44 (0) 20 7546 0022
Instinctif (Mark Garraway)
+44 (0) 20 7457 2020
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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END
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