Lookers has confirmed the retirement today of its chief executive Peter Jones.

Andy Bruce, Jones's chief operating officer, has now stepped into the CEO role.

The changes had been announced to investors in the publicly listed car dealer in August.

Phil White, chairman of Lookers, said: "Peter has been an outstanding chief executive of the group since his appointment on October 1, 2009. He has led the company during a period where the profitability and market capitalisation of the company have increased significantly with consecutive record results from 2009 to the present day.

"Peter is a top class leader with exceptional management qualities and I have really enjoyed working with him. I, together with all my colleagues on the board, would like to thank Peter personally for his major contribution to the success of Lookers and we wish him well for the future.

"I am particularly pleased that Peter has been succeeded by Andy who is a key member of our board and the development of the motor division under Andy's leadership has been tremendous. I have absolute and total confidence that the group's continuing development could not be in better hands and we wish Andy continued success in his new role."