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Inchcape's finance chief resigns after a 'lapse of judgement' at event

Exit: Inchcape finance boss Gijsbert de Zoeten (pictured) has resigned following a

Inchcape car dealership finance chief Gijsbert de Zoeten resigns after ‘lack of judgement’ at event

  • The FTSE 250 company did not go into details about de Zoeten’s departure
  • He added that his resignation was unrelated to the company’s financial results
  • Founded in Kolkata in 1847, Inchcape sells cars in over 40 markets

Exit: Inchcape finance boss Gijsbert de Zoeten (pictured) has resigned following a

Exit: Inchcape finance boss Gijsbert de Zoeten (pictured) resigned following a ‘lapse in judgement’ at a recent event

Inchcape’s finance boss has resigned from his post following a “lack of judgement” in a recent event.

Gijsbert de Zoeten has voluntarily resigned as chief financial officer after just over three years at one of Britain’s biggest car dealership chains, which celebrates its 175th anniversary this year.

He previously held the same position with Dutch car fleet management company LeasePlan and the European division of consumer goods giant Unilever, where he spent a total of 27 years.

The FTSE 250 firm did not give considerable details about his departure or the whereabouts of the alleged misconduct, other than to say he had behaved ‘below the high standards expected of management’ .

He added that his resignation was unrelated to financial results, company strategy or the proposed £1.3 billion purchase of Derco, America’s largest independent auto seller. Latin.

Later in the day, Inchcape is also due to issue the circular on the Derco acquisition, where it is expected to meet the timeline set to complete the transaction and its outlook for the full year.

Group financial controller Adrian Lewis has been announced as de Zoeten’s interim successor while the search for a permanent replacement is underway.

Shares of Inchcape were down 3.9% at 844.5p late Monday afternoon, although they are up around 43% in value over the past two years.

Like other UK car dealers, the London-based company benefited from a release of pent-up demand last year as customers with extra savings sought to upgrade their cars.

On top of that, semiconductor shortages and other supply chain issues have led to a global decline in vehicle production, driving up prices for new and used engines.

Its third-quarter results released last month showed total organic revenue growing 16% year-on-year, helped by better performance in all regions, record backlogs in some territories and .

Inchcape, founded in Calcutta in 1847, sells vehicles in more than 40 markets, including the UK, where it operates around 100 locations, selling more than 80,000 cars from brands such as Porsche, Mercedes, Jaguar and Lexus each year.

Following the invasion of Ukraine in February, the company sold its Russian assets, which had generated £740 million in revenue the previous year, around 10% of its total business.

The company said it expected to incur an estimated non-cash loss before tax of £240 million as a result of the transaction, including around £140 million from foreign exchange losses.

Despite this, Inchcape raised its full-year earnings forecast, telling investors it expects adjusted pre-tax earnings from continuing operations to be up or “slightly above.” out of its guidance range of £350-370m.

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