INCHCAPE chairman Ken Hanna has announced he is to retire in May this year and will be succeeded by Nigel Stein.
Hanna has been chairman of the group for nine years and a member of the board since 2001. His last day will be at Inchcape’s next annual meeting on May 24.
Stein has been a non-executive director of Inchcape since October 2015. He is currently also industry chairman of the UK’s Automotive Council.
Nigel Northridge, Inchcape’s senior independent director, said: ‘On behalf of the board, I would like to thank Ken for his long service and great contribution to Inchcape. His leadership steered the group through the global financial crisis and he has played a critical role in the development of the group’s strategy over the last decade.
‘We are delighted to confirm the appointment of Nigel Stein as chairman with effect from the AGM in May 2018. Nigel has held a range of general management and finance roles and has significant experience of the global automotive industry.’
Hanna commented: ‘It has been a privilege to have been the chairman of Inchcape plc over the past nine years. It is a company that has a proven track record of delivering success and I am confident that the right leadership is in place to continue to grow and strengthen the business. I wish everyone at Inchcape all the very best for the future.’
Stein said: ‘I am very pleased to be asked to become the chairman. My time as a non-executive director has given me the opportunity to develop a good understanding of the group, its strategy and future market trends. I look forward to working with Ken, Stefan and the board over the coming months to ensure a smooth and comprehensive handover.’
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