7:02 am, December 6, 2023
Lookers CEO Mark Raban has told staff he will be stepping down at the end of the year.
In a memo sent to employees yesterday, and leaked to Car Dealer, Raban says he will be moving on from Lookers ‘effective December 31’.
The memo said: ‘I would like to share with you all some personal news. After nearly five exciting years with the company, I will be moving on from Lookers effective December 31st.
‘The time I have spent with you all is amongst the most memorable of my career. We have achieved so many great things and you should all be very proud of the recovery we made from our challenges in 2019/20 and the pandemic. We have a great business with many talented colleagues.
‘Lookers has been in business for over 100 years and I am very excited about the next chapter under Kuldeep’s stewardship which I know will cement our position as a market leader.
‘In closing, a massive thank you to all my colleagues who have supported me on this journey. It’s been a real privilege. Keep focused on supporting one another and our customers.’
Raban and the company have been contacted for comment.
Lookers was taken private in a 130p per share deal this summer which saw the firm leave the stock market on October 9.
Global Auto Holdings had originally offered 120p a share but that was rejected by the largest shareholder Cinch.
Global then came back with an offer of 130p a share, valuing the dealership chain at £504.2m, which Cinch agreed to.
As the biggest investor, with some 19.5 per cent of Lookers’ shareholding, its backing of the new offer was seen as vital to the takeover happening. Cinch has since increased its investment in car dealer group Vertu.
Raban’s departure will mean the dealer group will now have to begin the search for a new CEO.
A likely candidate would have been Daksh Gupta, former boss of Marshall Motor Group, who has been keen in returning to the motor trade.
However, Gupta – who recently spoke to the Car Dealer Inspiring Leaders Podcast about his time in the industry – has accepted a new CEO role outside the motor trade.
On Friday it was announced he had been appointed CEO designate of building merchants Huws Gray and will start in the new year.
