Pendragon chairman Ian Filby is to quit his post after less than two years in the role.
The announcement was made this morning ahead of the dealership chain’s annual meeting for 2023, which is being held at 2.30pm today.
In a statement, Pendragon, whose brands include Evans Halshaw and Stratstone, said Filby would be leaving ‘to pursue other interests’.
Its nomination committee, led by senior independent director Dietmar Exler and supported by external consultants, are looking to appoint his successor, with Filby continuing in the post until then.
He joined Pendragon as non-executive chairman on November 1, 2021, arriving from furniture retailer DFS where he had been CEO.
Pendragon was targeted for a takeover by Hedin Group last September but it backed out in December, citing ‘challenging market conditions’.
However, it’s now believed that the Swedish dealer group is circling again after it was reported a week ago that it was looking to raise £110m for acquisitions.
Much of Filby’s 40-plus-year career in retail was spent with Alliance Boots. He was also previously non-executive chairman of luxury lifestyle brand Joules until it fell into administration last year.
As well as being Pendragon’s non-executive chairman, Filby also chairs its nomination committee and serves on its remuneration committee.
Exler said today: ‘On behalf of the board, we thank Ian for his service to Pendragon and wish him all the best for the future.’
Filby said: ‘I would like to take this opportunity to thank my fellow board members, the leadership team and, most importantly, our associates for their commitment to the company and passion for their work.
‘I am proud of the progress that has been made both strategically and financially by the leadership team and the stability that this has created. I wish them every success in the future.’
Pendragon also said ahead of today’s AGM that ‘positive trading momentum has continued in Q2 and performance remains in line with the board’s expectations’.
It’ll give a full update on trading in July once the quarter’s result is finalised.
Picture via Pendragon website
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