Pendragon has appointed Richard Laxer as an independent non-executive director as Jeremy King departs the board to “pursue other interests”.

Taking office today (November 12),  Laxer will serve on the Company’s Nomination Committee, Remuneration Committee and Audit Committee and will succeed to the roles of senior independent director and chair of the company’s Audit Committee.

Laxer joins Pendragon following an extensive executive career with the General Electric Company, where most recently he held the position of chairman and chief executive of GE Capital, a stamen issued via the London Stock Exchange stated. 

Laxer’s previous roles at GE Capital included president and chief executive of GE Capital International and president and chief executive of GE Capital Europe, Middle East and Africa. 

Laxer also has extensive board experience, being a former non-executive director serving on the boards of a number of major European based banks, Pendragon said.

Pendragon chairman Chris Chambers said: “I am really pleased that Richard has agreed to join our Board. 

“His significant and extensive experience in delivering the successful transformation of a portfolio of complex financial services businesses is an ideal addition to our board as we continue our own transformation and progress towards achieving our strategic objectives”.

Pendragon said in its statement that Jeremy King would be standing down as a non-executive director, including his roles as Senior Independent Director and chair of the Company’s Audit Committee in order to pursue other interests, meanwhile.

Chambers said: “I would like to thank Jeremy for his significant contribution since joining the Board, and in particular his sound guidance and oversight as chair of the Audit Committee. The Board wish him well in his chosen future activities.”