Pendragon needs to find a new chairman

Car dealer group Pendragon, which trades as Evans Halshaw and Stratstone, is beginning the search for a new chairman of the board.

The AM100 motor retailer announced that its chairman Ian Filby has informed them he intends to step down "to pursue other interests".

Filby became Pendragon's chairman less than two years ago in a non-executive capacity, taking over the role which Pendragon chief executive Bill Berman had also held in an executive capacity.

A former DFS chief executive, Filby brought more than 40 years of retail experience to the board, including a long career at Boots.

Pendragon said its nomination committee, led by senior independent director Dietmar Exler, will now commence the process to identify and appoint his successor, supported by external consultants.

Filby will continue in his role until this process is complete.

Filby said: "I would like to take this opportunity to thank my fellow board members, the leadership team and, most importantly, our associates for their commitment to the company and passion for their work. 

"I am proud of the progress that has been made both strategically and financially by the leadership team and the stability that this has created. I wish them every success in the future."

In a brief update ahead of its annual general meeting, Pendragon said positive trading momentum has continued in Q2 and performance remains in line with the board's expectations.

Pendragon will provide a full update on trading in July once the quarter's result is finalised.

In April, Pendragon’s board said it expects the AM100 car retail PLC to “comfortably outperform” its previous expectations for 2023 after delivering a 23% rise in underlying pre-tax profits during Q1.

Underlying PBT grew by around £4 million, to £23m, during the three-month period to March 31 as strong margins were maintained alongside a 20.1% uplift in new car sales and 14% growth from its used car operations.

In total, Pendragon’s Motor Division delivered an operating profit up 38.7% year-on-year to £28.3m, a trading statement published via the London Stock Exchange revealed.