StockMarketWire.com - Pendragon said that current CEO Mark Herbert would leave the company "by mutual agreement" with effect from 30 June 2019.

Until it appoints a new CEO, the company said Executive Directors Martin Casha (Chief Operating Officer) and Mark Willis, (Chief Financial Officer) would lead the business on a day-to-day basis, reporting to Chris Chambers, the Chairman.

As a result of the change to the management team, the company said it planned to postpone its planned September strategic update until a new CEO had been appointed.

"The Board remains fully committed to realising the long-term strategy. 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 Pendragon Chairman Chris Chambers.


At 8:26am: [LON:PDG] Pendragon PLC share price was -0.79p at 16.91p



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