Former Jardine Motors Group boss Mark Herbert will take over as chief executive of Pendragon from Trevor Finn.

Herbert will assume the role on April 1 this year, and Finn will remain available to support an orderly transition until his retirement.

Pendragon's share price rose by 1% this morning following the announcement, from 26.40p to 26.72p

Finn announced on December 14 his intention to retire this year, exiting the CEO seat after 30 years during which he grew Pendragon through major acquisitions into a dealer group with, at its peak, more than 300 outlets and with its own software business, Pinewood.

His announcement came a month after the group revealed finance director Tim Holden would also stand down in March 2019, to be replaced by Mark Willis, chief executive ot Ten Entertainment Group.

Herbert will join the UK's second largest motor retailer following a 20 year executive career with Jardine Matheson Group across a diverse range of industries including the Jardine Motors Group UK where he held positions as group finance director and chief executive Officer for eight years.

Most recently, he was the chief executive of Cold Storage Singapore and chairman of DFI Lucky Cambodia consisting of 550 supermarket and convenience stores that formed part of Dairy Farm International Holdings, a pan Asian retailer and subsidiary of Jardine Matheson. 

Pendragon’s chairman Chris Chambers said: “Mark is a proven, successful leader and I’m pleased to welcome him to the company.  He is the ideal person to lead Pendragon through the next phase of its development and we all look forward to working with him as we continue to implement our established strategy."

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."