Speedy departure for UK car retailer chief exec after loss warning

UK automotive retailer Pendragon has announced the sudden departure of its chief executive following warnings of loss in H1.

Mark Herbert, who joined the company at the beginning of March, will leave the firm by the end of the week (June 30), according to a statement issued by the firm this morning.

The sudden move follows news that the firm, which owns automotive brands like Evans Halshaw and Stratstone, anticipated it had made a ‘significant’ loss in the first half of 2019, a revelation which caused share prices to lose a quarter of their value.

Pendragon now envisage that its planned strategic update in September will be postponed until a new chief executive is appointed, with executive directors Martin Casha and Mark Willis leading the business in the interim, reporting to chairman Chris Chambers.

Speaking about the move, Chris Chambers commented, “The board remains fully committed to realising the long-term strategy.

“In the nearer term, despite challenging market conditions and the costly stock reduction programme, our focus will remain on taking steps to improve the performance of the business as outlined in our recent financial and operational review.”