New Pendragon CEO appointed
Pendragon has appointed Mark Herbert to succeed Trevor Finn as chief executive officer next month.
Mr Herbert joins 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.
Starting at Pendragon as CEO designate on 4 March, Mr Herbert will formally take over on 1 April 2019 after Mr Finn retires on 31 March.
The appointment comes at a turbulent time over the past 18 months with a series of profit warnings and the announcement that it intends to sell off both its US division and scale back its premium brand locations. The UK group has also stated that it will put more focus on used car retailing in future, however profitability has been falling.
More recently Swedish investment company Anders Hedin Invest, which owns several dealer groups on the Continent, bought an 11% share, making it the second largest shareholder of Pendragon.
Mr Herbert said: “I am delighted to be joining Pendragon as CEO at this time of rapid change and innovation in the consumer retail and automotive sectors. I am looking forward to leading the company through the next phase of its development, working alongside our highly capable team members and business partners to implement our strategy and deliver good service and value to our customers, shareholders and the broader communities in which we operate”.