As previously announced on 14 December 2018, Trevor Finn will retire from Pendragon on 31 March 2019. Herbert joined the Pendragon board on 1 April following the departure of Trevor Finn. Motor Trader is owned by Metropolis International Group Limited, a member of the Metropolis Group; you can view our privacy and cookies policy Discover content from the sector's best suppliers in the Motor Trader Supplier NetworkPendragon CEO Mark Herbert exits after just three monthsPendragon CEO Mark Herbert exits after just three months
It said this would now be postponed until its new CEO comes on board.Under Trevor Finn Pendragon had devised a strategy of investing in its Carstore used car business, disposing of dealer assets in the US, taking a close look at its premium brands and developing its highly profitable Pinewood DMS business.“The board remains fully committed to realising the long-term strategy. He joined Pendragon following a 20 year career with Jardine Matheson Group. Mr Herbert has been with the business for only three months …
View Mark Herbert’s profile on LinkedIn, the world's largest professional community.
He was group finance director and CEO for eight years with Jardine Motors.Earlier this month Pendragon issued a profit warning claiming that the first half of 2019 was expected to be significantly loss making. Until then COO Martin Casha and CFO Mark Willis will lead the business on a day to day basis, reporting to chairman Chris Chambers.Pendragon was in the process of carrying out a strategic review of the business.
His role demands he keep abreast of all industry and business news to provide coverage of the franchised automotive retail sector and the wider automotive industry, while assisting in the management of the magazine’s production and AM events.If you are not a registered user your comment will go to AM for approval before publishing. Mark has 11 jobs listed on their profile. Pendragon PLC the East Mid’s based group that owns Evans Halshaw and Stratstone, has announced that Mark Herbert will join the Company on 4th March 2019 as Chief Executive Officer designate. Automotive Management Live: Where franchised and independent dealers will find everything they need to know about operating a modern showroom and service and repair facility fit for the digital age.AM magazine: Newspress Awards' Automotive Business Publication of the Year 2020The ID50 2019 – the UK's 50 biggest independent dealersThe AM Guide to Running a Profitable Dealership: Second edition Pendragon’s recently-appointed chief executive, Mark Herbert, will leave the business at the end of this month according to a statement issued via the London Stock Exchange.Herbert, who has been in-post for just three months since taking the helm from the former AM100-topping group’s founder Trevor Finn, will officially leave the group on June 30, the statement said.This morning (June 27), news of Herbert's imminent departure caused Pendragon's share price to fall 6.9% to 16.76p - its lowest level since November 2012.Pendragon’s stock market statement said that Herbert’s departure had been a “mutual agreement” and revealed that the search for a replacement had already begun.It added: “Until such an appointment is concluded, executive directors Martin Casha, chief operating officer, and Mark Willis, chief financial officer, will lead the business on a day-to-day basis, reporting to Chris Chambers, the chairman.”Herbert leaves the Pendragon Group just a fortnight after he published the findings of a preliminary review of the group’s profitability and strategic focus in the face of ongoing slump in its financial fortunes.The initial appraisal of the group's fortunes on June 12 caused its share price to fall 20.1%, from 23p to 18.2p.In the group's statement of June 12, Pendragon said that it needed to refocus its Car Store used car supermarket strategy as it seeks out “self-help opportunities” in light of an operational business review which predicted that the group would make a significant loss in H1, 2019.The results of an initial business review conducted by new chief executive Mark Herbert and his leadership team at the once AM100-topping group stated that it expected to be to be “significantly loss making” in the first half of the year, with a small loss in underlying pre-tax profits for 2019 as a whole.Considering the performance of each of Pendragon’s areas of business on an “as is” basis, the group found that accelerated losses from the Car Store business, an excess of used car stock, lower than anticipated new car margins and increased costs – particularly in aftersales – would all hamper its 2019 performance.A statement, issued via the London Stock Exchange, said that £11.9m losses incurred by the Car Store division in 2018 would accelerate to over £25m this year, principally as a result of “execution inefficiency and the impact of excess used car stock”.Pendragon held £458m worth of used car stock at the end of 2018, compared to £372m a year earlierAn accelerated programme during the second quarter of 2019 will now aim to reduce the level of aged, pre-reg and ex-demonstrator stock to 38% of used stock units held on April 1.Herbert had suggested there was a route back to profitability for the business, however. See the complete profile on LinkedIn and discover Mark’s connections and jobs at similar companies. Pendragon boss Mark Herbert steps down after just three months at the car dealership Car dealership Pendragon’s chief executive is stepping down less than three months into the job. The boss of Pendragon, one of Britain’s biggest car dealers, is …
Mark Herbert leaves Pendragon 27 June 2019 In a surprised stock market statement Pendragon has revealed chief executive Mark Herbert will leave the business at the end of the month (30 June). He joined Pendragon following a 20 year career with Jardine Matheson Group. Pendragon has appointed Mark Herbert as chief executive officer designate, and will assume the role of chief executive officer and join the board on 01 April 2019. Pendragon’s recently-appointed chief executive, Mark Herbert, will leave the business at the end of this month according to a statement issued via the London Stock Exchange.