The chairman of Pendragon, the London-listed automotive provider behind Evans Halshaw and Stratstone, is to step down after decrease than two years amid rising stress from an activist investor.
Sky Information has learnt that Ian Filby is to surrender the company, with an announcement anticipated as early as Friday, when it ranges its annual frequent meeting.
A veteran Boots govt, Mr Filby took up the put up in November 2021 and has overseen a tumultuous interval along with quite a few takeover bids from Pendragon’s best shareholder.
Mr Filby, whose remaining govt place was on the helm of DFS, the furnishings retailer, was moreover chairman of the type chain Joules when it collapsed into administration remaining 12 months.
Pendragon has seen its shares fall sharply given that collapse of a takeover technique from Hedin Group, which owns higher than 20% of the company.
It has been hit with requires for a boardroom shake-up from Palliser, a fund which has constructed a 4% stake throughout the agency.
In March, Palliser wrote to Pendragon’s board on the lookout for boardroom illustration, which has not been granted.
Mr Filby’s departure will come amid a spate of firm train throughout the UK automotive dealership sector, with Lookers having agreed a £460m takeover this month, and Jardine Motors moreover not too way back being acquired.
Hedin’s aborted bid for Pendragon valued the company at 29p-a-share.
On Thursday, its stock closed at 17.8p, giving the company a valuation of decrease than £250m.
It was unclear on Thursday night time whether or not or not Pendragon had a successor to Mr Filby lined up.
A Pendragon spokesman declined to comment.
Supply: info.sky.com”
