Directorate changes

RNS Number : 4609G

Inchcape PLC

12 May 2011

 



12th May 2011

INCHCAPE PLC

Directorate changes

Inchcape plc ('Inchcape' or the 'Group'), the world's leading car retailer, today announces that Michael Wemms will step down as a Non-Executive Director of the Group with effect from today's AGM.

Michael has been a Non-Executive Director of Inchcape for 7 years and was Chair of the Remuneration Committee during that time.    Michael has been particularly valuable in bringing a broad retail and international focus to our Board discussions.  

We are also pleased to announce that Mr Kanwarpal (Vicky) Bindra will join the Board as a Non-executive Director with effect from 1 July 2011.

Ken Hanna said:

"During the 7 years that Michael has been with the Group he has brought a unique perspective and has helped us develop and execute on our strategy globally.    We have valued Michael's contribution to the Board and in particular to the Group's approach to its retail business over the many years and wish him every success in the future.

We are delighted that Vicky has agreed to join the Board as a Non-Executive Director.  I am sure his international and management experience will be of great benefit to us and I welcome Vicky to the team."

Vicky Bindra is President of Asia/Pacific, Middle East & Africa (APMEA) for MasterCard Worldwide.  Prior to joining MasterCard in June 2009, Mr. Bindra has worked with Bain & Company, Citi and GE Capital.  He was a member of the Citi Management Committee and held various senior roles within the company including, head of SME Business for International, Sales & Marketing for North America Retail.  Mr. Bindra was a financial services partner for Bain & Company in the New York office

Mr. Bindra is a Director on the Board of Electra Card Services, a payment processing company in India and serves on the Management Committee of Pacific Credit Card Center Card Services (a joint venture between HSBC and Bank of Communications Co., Ltd in China).  He is also a Member of the SMU Lee Kong Chian Business School (Singapore) Advisory Board.

There is no additional information required to be disclosed pursuant to Listing Rule 9.6.13R relating to the appointment to the Board of Vicky Bindra.

ENDS

Group Communications, Inchcape plc

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Investor Relations, Inchcape plc

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Financial Dynamics (Jonathon Brill/Billy Clegg)

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Notes to editors

About Inchcape:

1. Inchcape is a leading, independent international automotive distributor and retailer operating in 26 Emerging and Developed markets. Inchcape has diversified multi-channel revenue streams including sale of new and used vehicles, parts, service, finance and insurance.

Inchcape's vision is to be the world's most customer-centric automotive retail group and represents some of the world's leading automotive brands, including Audi, BMW / Mini, Jaguar, Land Rover, Mercedes-Benz, Porsche, Subaru, Toyota / Lexus, Volkswagen and Volvo.

Inchcape, which has been listed on the London Stock Exchange since 1958, is headquartered in London and employs around 14,300 people.

www.inchcape.com

 

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