RAC plc, the motoring and vehicle solutions company, announces that Richard Pennycook will join the Board as Group Finance Director, with effect from 4 August 2003.
RAC plc appoints new Group Finance Director
RAC plc, the motoring and vehicle solutions company, announces that Richard Pennycook will join the Board as Group Finance Director, with effect from 4 August 2003.
Richard is currently Group Finance Director of H P Bulmer Holdings plc, where he has played a leading role in the business turnaround and its sale to Scottish & Newcastle, which was announced today. Prior to Bulmers, Richard was a director of Welcome Break Holdings Limited, the motorway services company owned by Investcorp, where he was Finance Director from 1998 to 2000 and Chief Executive from 2000 to 2002. His earlier roles included Group Finance Director of Laura Ashley (Holdings) plc, Finance Director of JD Wetherspoon plc, and senior management roles with Allders plc.
Richard is also a non-executive director with Richer Sounds Plc.
Andrew Harrison, Chief Executive of RAC plc, said:
“I am delighted to welcome Richard to RAC plc. He brings strong financial experience gained in a broad range of companies and business environments. I am sure that he will make a significant contribution to RAC and its strategic development.”
In accordance with Chapter 16.4 of The Listing Rules, no further details are required to be disclosed under paragraph 6.F.2 (b) to (g) in connection with Richard Pennycook’s appointment.
For further information please contact:
Andy Harrison
Chief Executive, RAC plc 020 7705 1257
Niall Addison
Group Finance and Investor Relations, RAC plc 01628 843 722
Anita Scott / Kate Holgate
Brunswick 020 7404 5959
Notes to editors:
RAC plc
RAC plc provides motoring and vehicle solutions to individual and business customers through five inter-related businesses:
| - | RAC Consumer Services sells a comprehensive range of motoring solutions to individual customers, including financial, legal and travel services, RAC Auto Windscreens and BSM. |
| - | RAC Business Solutions sells motoring and related business solutions to business customers and manages complex outsourcing bids for large public and private sector organisations. |
| - | Lex Vehicle Leasing is the UK’s leading car and van contract hire company, providing solutions for fleets of all sizes together with personal leasing and employee car ownership schemes. |
| - | Lex Industrial Solutions includes mechanical handling, fleet management and commercial vehicle contract hire. |
| - | Manufacturer Support Services provide outsourced marketing and inventory management services, primarily for vehicle manufacturers. |
Richard Pennycook
Aged 39, Richard Pennycook is married with two children. He is a Fellow of the Institute of Chartered Accountants and holds a first class honours degree in Economics and Accounting from Bristol University.
Richard began his career in 1985, training as an accountant with Arthur Andersen. In 1990 he joined Allders Plc, a management buyout from Hanson which was subsequently successfully floated. He began as Group Financial Controller, becoming Finance Director, Europe, with Allders International in 1992 and President of Allders International’s North American operations in 1994.
On returning to the UK in 1995, Richard became Finance Director of JD Wetherspoon PLC, the pub retailer and, in 1998, he became Group Finance Director of Laura Ashley Holdings PLC. Following a major financial restructuring of that business he then joined Welcome Break Group as Financial Director, progressing to Chief Executive Officer in 2000. Richard became Group Finance Director of H P Bulmer Holdings plc, the cider maker, in early 2003, with the challenge of refinancing or selling the business. On 28 April 2003 the Board of Bulmer announced a recommended offer from Scottish & Newcastle for the takeover of the Group, an offer which was declared unconditional today.
Richard is also a non-executive director with Richer Sounds Plc.