Inchcape will appoint Nigel Stein as its new chairman following the retirement of long-standing current incumbent Ken Hann from the top AM100 car retail group.

Hanna, who has held the role for nine years alongside board member status since 2001, will retire from the group at the next AGM on May 24, 2018.

Hanna said: "It has been a privilege to have been the chairman of Inchcape plc over the past nine years.

“It is a company that has a proven track record of delivering success and I am confident that the right leadership is in place to continue to grow and strengthen the business. 

"I wish everyone at Inchcape all the very best for the future."

Stein has been a non-executive director of Inchcape since October 2015 and is also industry chair of the UK's Automotive Council.

Stein said: “I look forward to working with Ken, Stefan and the board over the coming months to ensure a smooth and comprehensive handover."

Inchcape's senior independent director, Nigel Northridge, said: "On behalf of the board, I would like to thank Ken for his long service and great contribution to Inchcape.

"His leadership steered the group through the global financial crisis and he has played a critical role in the development of the group's strategy over the last decade.

"We are delighted to confirm the appointment of Nigel Stein as chairman with effect from the AGM in May 2018.

"Nigel has held a range of general management and finance roles and has significant experience of the global automotive industry."