The Board of RAC plc announces that Alan Bowkett has resigned as Deputy Chairman and as a director with immediate effect. The Company announced on 23 July 2002 the intention that Alan Bowkett should succeed Sir Trevor Chinn as Chairman from 1 January 2003.
The Board of RAC plc announces that Alan Bowkett has resigned as Deputy Chairman and as a director with immediate effect. The Company announced on 23 July 2002 the intention that Alan Bowkett should succeed Sir Trevor Chinn as Chairman from 1 January 2003.
Since Alan’s appointment it has become clear to both parties that there exist substantial differences in management approach.
The search for a replacement Chairman is underway with the aim of making an appointment as soon as possible. Sir Trevor has agreed to defer his retirement, should this be necessary, as an interim measure until a new Chairman has been appointed.
RAC plc intends to announce its preliminary results for the year ending 31 December 2002 on 26 February 2003, and to give its normal pre-close trading statement on 11 December 2002. The Board expects results for the year to be in line with market expectations.
Enquiries
For RAC plc:
Sir Trevor Chinn - RAC plc - 0207 705 1258
Anita Scott/Stuart Bruseth - Brunswick - 0207 404 5959
For Alan Bowkett:
Anthony Cardew - CardewChancery - 0207 930 0777