RICHARD Laxer is to step down from his position as non-executive director at Pendragon.
The motor group made the announcement via the London Stock Exchange, saying Laxer – who only joined the board of the beleaguered company in November 2018 – would be relinquishing the role and that of senior independent director as of December 31 this year.
In the meantime, he will continue as senior independent director and audit committee chairman while the company tries to find a replacement.
Incoming executive chairman Bill Berman said: ‘The board would like to thank Richard Laxer for his significant contribution during his tenure. We look forward to continuing to work with him for the remainder of his time with us and wish him every success in his future endeavours.’
Laxer joined Pendragon from the General Electric Company, where he was chairman and chief executive of GE Capital, and had been a non-executive director on various European banks’ boards.
Last week, Pendragon announced that it would be cutting hundreds of jobs, as it posted a post-tax loss of nearly £130m for the six months to June 30, while earlier this year its new chief executive quit after less than three months in the job.