Mark Herbert leaves Pendragon
27 June 2019
In a surprised stock market statement Pendragon has revealed chief executive Mark Herbert will leave the business at the end of the month (30 June).
Mr Herbert has been with the business for only three months after taking taking over from Trevor Finn at the start of April. He joined Pendragon following a 20-year career
with Jardine Matheson Group across a diverse range of industries including Jardine Motors in the UK where he held positions as group finance director and chief executive officer for eight years. Most recently, Mark has been running several retail operations for Jardine Matheson in Singapore and Cambodia.
The stock market statement said that Mr Herbert was leaving by “mutual agreement” and that “the Company has commenced a formal process to recruit and appoint a new Chief Executive Officer and a further announcement will be made in due course”.
Pendragon added: “Until such an appointment is concluded, executive directors Martin Casha, chief operating officer, and Mark Willis, chief financial officer, will lead the business on a day to day basis, reporting to Chris Chambers, the chairman.”
The departure of Mr Herbert follows an announcement in mid-June that Pendragon would be loss-making in 2019 following a review of the business which blamed “challenging market” conditions.
Chris Chambers, Pendragon chairman, added: “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.”
OUR BLOG: Pendragon presses reset