Shock as AA chiefs quit after June float
Friday 29 August 2014
The AA’s chief executive and finance director both quit yesterday, just two months after Britain’s largest roadside-assistance group joined the London Stock Exchange.
The 109-year-old group said that its head Chris Jansen – who only took the job at the start of the year – has left with immediate effect, and executive chairman Bob Mackenzie is taking over the day-to-day running of the business. The finance chief, Andy Boland, is also leaving, although his departure date is still to be confirmed.
It is understood that Mr Mackenzie will continue indefinitely in this role, as headhunters have not yet been appointed to find a successor to Mr Jansen.
Mr Mackenzie, the former chief executive of rival Green Flag, led a management buy-in of the company from its former private equity owners –Permira, Charterhouse and CVC – before June’s float.
He said: “We completely understand and respect Chris’s desire to seek new challenges outside the AA.
“When the management buy-in team acquired the business, backed by many leading institutional investors, we knew that this would create change at the AA. We wish Chris all the best.”
However, Mr Jansen’s departure is likely to raise eyebrows given that he has been in the job for less than eight months, having previously worked at Centrica where he was a senior executive at British Gas.
He said: “I was appointed by the previous private equity owners as the chief executive to improve the business and to enable a change of ownership to take place. Bob and his executive colleagues did a great job raising the finance to acquire the business and as a result my role has now changed substantially.”
The AA styles itself as “the fourth emergency service”. It was valued at £1.4bn when it listed in a so-called accelerated initial public offering.
Although the AA’s shares slumped 7.2 per cent below the 250p offer price on its first day, they have since more than recovered. Yesterday they edged up 2.25p to 278p.
- 1 Kylie Jenner challenge: Bizarre lip suction device inspired by Kardashian sister goes viral
- 2 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 3 Katie Hopkins and The Sun editor are reported to police for incitement to racial hatred following migrant boat column
- 4 Bruce Forsyth backs assisted dying campaign: 'If I had Alzheimer's or dementia I would do something about it'
- 5 Giorgio Armani criticises the way some gay men dress saying 'a man has to be a man'
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£21000 - £24000 per annum: Ashdown Group: The Ashdown Group has been engaged b...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, int...