A chief executive of one of Britain’s biggest car dealers has quit after less than three months after disagreeing with the board over its focus on used cars.
Mark Herbert of Pendragon clashed with Pendragon’s board over strategy. Herbert’s background is in selling new cars, but the board want to focus on used cars and online selling.
As a result, Herbert left on June 30 “by mutual agreement.”
“As a result of the change to the management team, it is envisaged that the strategic update originally scheduled for late September will now be postponed until the appointment of a new chief executive officer is concluded,” Pendragon said in a statement.
Herbert joined without a probation period and Pendragon would not disclose if Herbert would receive a payoff.
In the meantime, longstanding chief operating officer Martin Casha and chief financial officer Mark Willis will be the interim chief executives until a new one is found.
Pendragon’s used-car market has fallen. Around the same time as Herbert’s departure, Pendragon shares crashed. The company has been forced to slash used-car prices to sell excess stock.
Join the conversation