Inchcape chairman Nigel Stein is to step down from his position and retire at the dealer group’s next AGM.
In an announcement posted to the London Stock Exchange, the car dealer said the Stein (pictured) will stand aside following the annual meeting on May 9, 2024.
Pending shareholder approval, he will be replaced in the role by Inchcape’s current senior independent director Jerry Buhlmann.
Stein has been a board member at the Car Dealer Top 100 outfit since 2015 and has held the role of chairman since 2018.
During his tenure, the company has gone from strength to strength and is expecting to make a pre-tax profit of between between £470m and £506m this year.
However, recent months have seen the group in the headlines for the wrong reasons due to an argument with customers over flooded cars at the firm’s Jaguar Land Rover site in Derby.
Following the news that Stein is to leave, Alison Platt has been added to the board as a non-executive director.
Platt is currently chair of for Dechra Pharmaceuticals PLC and will take up her now position on January 2.
Duncan Tait, CEO of Inchcape, said: ‘I am delighted to welcome Jerry as the company’s proposed new Chairman.
‘Given his already valuable tenure on our Board, his appointment ensures seamless continuity of leadership as we drive forward with our Accelerate strategy.
‘He has a long track record in leading and managing large and diverse global organisations, with significant experience and knowledge of technology-enabled businesses.
‘This will be a major asset for Inchcape, as we continue to leverage our digital capabilities to further grow and diversify our Distribution business with more mobility partners in more geographies.
‘I am also very pleased to welcome Alison to our board, as our new senior independent director. She brings a wealth of experience across a variety of industries, and I know she will be a valuable member of our board.
‘Finally, I would like to take this opportunity, both personally and on behalf of the board, to wish Nigel all the best for the future. His leadership of the Board has been inspiring and his guidance, support and advice will be greatly missed.’
Commenting on his appointment, Buhlmann said: ‘I am honoured to have the opportunity to become the proposed chairman of Inchcape plc at such an exciting phase of the group’s strategic development.
‘The group is extremely well positioned for the future, having built a strong position as the global leader in automotive distribution, supported by on-going operational and financial performance delivery.
‘Given the exciting and numerous growth prospects available to Inchcape in the future, I am looking forward to leading the group’s strong and diverse board, and supporting Duncan and his executive management team, with a view to ensuring that the business continues to deliver value for all of its stakeholders in the future.
‘I would like to thank Nigel for his leadership since I joined the board. In his time as chairman, Nigel has led a consistent enhancement of the breadth and depth of the Board’s expertise and skillsets, as well as driving on-going diversification of its composition.
‘In addition, Nigel has built a strong collegiate culture around the Board and I aim to continue to build on his excellent work in all these areas in the future.
‘I am also delighted to welcome Alison as our new senior independent director.
Her appointment further expands the depth of expertise and breadth of knowledge of our board, as we help to guide our strong and impressive management team in delivering against Inchcape’s strategic objectives in the future.’
Outgoing chair, Stein, added: ‘I have been honoured to have served Inchcape as chair since 2018.
‘During this time, the group has significantly transformed towards becoming a scaled and diversified pure-play automotive distribution business, working in multiple markets for a wide range of mobility partners.
‘With a strong governance framework and an enhanced board, Inchcape has consistently delivered an excellent performance during a period of substantial change in our industry.
‘Inchcape is strongly positioned for growth and I look forward to following the group’s further success in the future.’