Pendragon boss Mark Herbert steps down after just three months at the car dealership Car dealership Pendragon’s chief executive is stepping down less than three months into the job.
Mark Herbert leaves Pendragon 27 June 2019 In a surprised stock market statement Pendragon has revealed chief executive Mark Herbert will leave the business at the end of the month (30 June). Is this the end of Pendragon ? Pendragon’s recently-appointed chief executive, Mark Herbert, will leave the business at the end of this month according to a statement issued via the London Stock Exchange.Herbert, who has been in-post for just three months since taking the helm from the former AM100-topping group’s founder Trevor Finn, will officially leave the group on June 30, the statement said.This morning (June 27), news of Herbert's imminent departure caused Pendragon's share price to fall 6.9% to 16.76p - its lowest level since November 2012.Pendragon’s stock market statement said that Herbert’s departure had been a “mutual agreement” and revealed that the search for a replacement had already begun.It added: “Until such an appointment is concluded, executive directors Martin Casha, chief operating officer, and Mark Willis, chief financial officer, will lead the business on a day-to-day basis, reporting to Chris Chambers, the chairman.”Herbert leaves the Pendragon Group just a fortnight after he published the findings of a preliminary review of the group’s profitability and strategic focus in the face of ongoing slump in its financial fortunes.The initial appraisal of the group's fortunes on June 12 caused its share price to fall 20.1%, from 23p to 18.2p.In the group's statement of June 12, Pendragon said that it needed to refocus its Car Store used car supermarket strategy as it seeks out “self-help opportunities” in light of an operational business review which predicted that the group would make a significant loss in H1, 2019.The results of an initial business review conducted by new chief executive Mark Herbert and his leadership team at the once AM100-topping group stated that it expected to be to be “significantly loss making” in the first half of the year, with a small loss in underlying pre-tax profits for 2019 as a whole.Considering the performance of each of Pendragon’s areas of business on an “as is” basis, the group found that accelerated losses from the Car Store business, an excess of used car stock, lower than anticipated new car margins and increased costs – particularly in aftersales – would all hamper its 2019 performance.A statement, issued via the London Stock Exchange, said that £11.9m losses incurred by the Car Store division in 2018 would accelerate to over £25m this year, principally as a result of “execution inefficiency and the impact of excess used car stock”.Pendragon held £458m worth of used car stock at the end of 2018, compared to £372m a year earlierAn accelerated programme during the second quarter of 2019 will now aim to reduce the level of aged, pre-reg and ex-demonstrator stock to 38% of used stock units held on April 1.Herbert had suggested there was a route back to profitability for the business, however.
Pendragon has announced that its CEO Mark Herbert will be leaving the company after just three months in the job.
In the nearer term, despite challenging market conditions and the costly stock reduction programme, our focus will remain on taking steps to improve the performance of the business as outlined in our recent financial and operational review,” said Chambers.Traka Automotive, which boasts the UK’s most advanced networked key management solution for car dealers, ...In order to support dealers’ digital retailing efforts, RAPID RTC has expedited the global launch ...To our valued customers; It is not lost on me that you are receiving an ...“Too many dealers are underplaying the importance of a quality used car warranty to gain ...Ready to retail looks set to be the key trend of the used car sector ...By using this website you are consenting to the use of cookies. He said: “We are continuing to work on our review of the business ahead of our strategic update in September, but I am confident there are real opportunities for self-help that will improve the performance of the core UK Motor and Leasing businesses.“In the short-term, there is a need for a refocus of strategy and execution in Car Store but I believe this, together with Pinewood, to be significant long-term market opportunities that we should be pursuing with vigour.”Prior to joining Pendragon, Herbert had been employed by the with Jardine Matheson Group across a range of industries including Jardine Motors in the UK where he held positions as group finance director and chief executive officer for eight years.Most recently, he had been running several retail operations for Jardine Matheson in Singapore and Cambodia.A multi-award-winning news journalist, Tom is news and features editor for Bauer Media’s AM brand. Its shares fell 25% to a six-year low.The decline in profits has chiefly come from the Car Store branch, which is expected to incur losses of £25m in 2019, up from an £11.9m deficit in 2018.Pendragon has now begun the process of recruiting and appointing a new CEO. Motor Trader is owned by Metropolis International Group Limited, a member of the Metropolis Group; you can view our privacy and cookies policy Discover content from the sector's best suppliers in the Motor Trader Supplier NetworkPendragon CEO Mark Herbert exits after just three monthsPendragon CEO Mark Herbert exits after just three months He joined Pendragon following a 20 year career with Jardine Matheson Group.
He will assume the role of Chief Executive Officer and join the Board on 01 April 2019. As previously announced on 14 December 2018, Trevor Finn will retire from Pendragon on 31 March 2019.
Until then COO Martin Casha and CFO Mark Willis will lead the business on a day to day basis, reporting to chairman Chris Chambers.Pendragon was in the process of carrying out a strategic review of the business. Herbert joined the Pendragon board on 1 April following the departure of Trevor Finn. Automotive Management Live: Where franchised and independent dealers will find everything they need to know about operating a modern showroom and service and repair facility fit for the digital age.AM magazine: Newspress Awards' Automotive Business Publication of the Year 2020The ID50 2019 – the UK's 50 biggest independent dealersThe AM Guide to Running a Profitable Dealership: Second edition Pendragon PLC the East Mid’s based group that owns Evans Halshaw and Stratstone, has announced that Mark Herbert will join the Company on 4th March 2019 as Chief Executive Officer designate.
The boss of Pendragon, one of Britain’s biggest car dealers, is … Mark has 11 jobs listed on their profile. To avoid this requirement please login. He joined Pendragon following a 20 year career with Jardine Matheson Group. Pendragon has appointed Mark Herbert as chief executive officer designate, and will assume the role of chief executive officer and join the board on 01 April 2019.
View Mark Herbert’s profile on LinkedIn, the world's largest professional community. Mark Herbert’s background was in selling new cars but the board wanted to focus on used cars. He was group finance director and CEO for eight years with Jardine Motors.Earlier this month Pendragon issued a profit warning claiming that the first half of 2019 was expected to be significantly loss making.
See the complete profile on LinkedIn and discover Mark’s connections and jobs at similar companies.