Proposed Appointment of New Chair and Appointment of New Non-Executive Director
(Photograph of Jerry Buhlmann)
Inchcape plc, the leading global automotive distributor, today announces the retirement of Nigel Stein and the proposed appointment of Jerry Buhlmann as Chair of its Board of Directors (“the Board”) and the appointment of Alison Platt as a Non-Executive Director.
It is intended that Jerry, the Board’s current Senior Independent Director, will succeed Nigel Stein as Chair following the conclusion of the Group’s next Annual General Meeting (“AGM”) on 9 May 2024, subject to shareholder approval. This ensures seamless continuity of Board leadership to support the Group, as it continues to deliver on its Accelerate strategy. Alison joins the Board on 2 January 2024 and will succeed Jerry as Senior Independent Director in May 2024.
Nigel, who has been the Chair since 2018 and a Board member since 2015, will be standing down at the AGM, given his nine-year term as a member of the Board will come to an end during 2024.
Jerry has over 40 years’ experience in the media and advertising industries and was formerly CEO of Aegis Group plc and Dentsu Aegis Network. Jerry is currently Chair of private equity-owned digital marketing agencies – Dept, Croud Limited, and Hybrid and is also a member of the Supervisory Board of ServicePlan GmBH.
Alison currently serves as chair for Dechra Pharmaceuticals PLC, and will join as Chair of Hargreaves Lansdown in early 2024. She also serves as Non-Executive Director and Chair of the Remuneration Committee for Tesco, and as Chair of Ageas UK, which is unlisted. She previously held senior leadership positions at Countrywide Group Ltd., where she was CEO, BUPA and British Airways Plc as well as Chair of Legal & General Financial Advice and Non-Executive Director at Cable & Wireless Communications plc and the Foreign and Commonwealth Office.
Duncan Tait, Chief Executive Officer of Inchcape plc, commented:
“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.”
Jerry Buhlmann, Chairman-elect of Inchcape plc, commented:
“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.”
Nigel Stein, Chairman of Inchcape plc, commented:
“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.”
The Company confirms that there is no further information to be disclosed pursuant to paragraph LR 9.6.13R of the Listing Rules of the Financial Conduct Authority with regard to this appointment.