Inchcape appoints new Chief Financial Officer
Inchcape plc (“Inchcape” or the “Group”), the leading global automotive distributor, today announces that Adrian Lewis has been appointed as Group Chief Financial Officer (CFO) and Executive Director of Inchcape plc from today. This follows a rigorous and comprehensive selection process that considered both internal and external candidates.
Adrian joined Inchcape in September 2015 and, since November 2022, has been the Interim CFO of the Group and helped to manage the completion of the acquisition of Derco. Prior to this, Adrian worked in a range of roles across the company, most recently as Group Financial Controller from October 2020. Before that, Adrian spent three years based in Singapore as CFO of the APAC region after starting his career with Inchcape as the CFO of the Emerging Markets Region.
In addition to his Inchcape experience, Adrian has more than 15 years of global business experience, including various senior commercial and financial roles at Tesco plc.
Nigel Stein, Chairman, commented:
“I am delighted that Adrian has been appointed Group CFO, he has already made a significant contribution to the business since stepping into the role of Interim CFO in November 2022. Adrian’s deep knowledge of Inchcape’s business and his combination of Group and Regional experience will provide the Executive team and the Board with valuable insight. His appointment demonstrates the exceptional breadth and depth of talent we continue to build at Inchcape.”
Duncan Tait, Group Chief Executive, commented:
“I am very pleased that Adrian has been appointed as Group CFO and I look forward to working with him as we continue to deliver our Accelerate strategy. Adrian has already made an impressive contribution as Interim CFO and he brings extensive industry experience that will complement our Global Executive Team.”
Adrian Lewis commented:
“I am proud to be appointed Group CFO of Inchcape and to be working with Duncan, our Global Executive Team and to join the Board. This is an exciting time for Inchcape and I look forward to helping to drive our performance as we continue our growth as the world’s leading automotive distributor.”
Additional information
There is no additional information required to be disclosed pursuant to Listing Rule 9.6.13 relating to the appointment to the Board of Adrian Lewis.
Remuneration
Adrian’s remuneration arrangements have been set in accordance with the Directors’ Remuneration Policy approved by shareholders at the AGM on 18 May 2023.
The package includes a salary of £480,000 per annum and benefit entitlements to car, life, and medical plans. His pension entitlement will be 7% of base salary or the ability to join the Inchcape Retirement Savings Plan. A minimum shareholding requirement of 200% of base salary will apply during Adrian’s employment and for a period of two years after he leaves Inchcape.
Adrian will be eligible for a target bonus of 75% of salary and a maximum bonus of 150% of salary. His 2023 bonus will be pro-rated for his time spent as Group CFO during the year.
Adrian will also be eligible to participate in the Inchcape Performance Share Plan award of 180% of salary, the Inchcape Co-investment plan and the Save-As-You-Earn scheme.
Full details will be disclosed in Inchcape’s FY 2023 Annual Report.