Total
0
Shares
Bapcor (ASX:BAP) - Outgoing CEO, Darryl Abotomey
Outgoing CEO, Darryl Abotomey
Source: Bapcor
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Bapcor’s (BAP) Chief Executive Officer and Managing Director to retire after serving a decade with the company
  • Darryl Abotomey was appointed in September 2011 and assisted the company’s listing on the ASX in 2014
  • A global search has begun for his replacement, however, if a CEO is not found by February 28, non-executive director Mark Powell will act as interim CEO
  • The Board notes the company’s record full-year FY21 results and confirms there is no change to previously issued financial guidance
  • Shares have been trading 9 per cent lower at $7.51

Bapcor’s (BAP) CEO and Managing Director is set to retire after ten years with the company.

Darryl Abotomey was appointed to the role in September 2011 and assisted the automotive aftermarket company’s listing on the ASX in 2014.

He is set to retire on February 28 next year, at a time he said is appropriate given the company’s “operating and financial position”.

In October, Bapcor’s share price hit an all-time high after the company released a trading update for the first quarter of the 2021 financial year which indicated a 47 per cent boost to retail revenue.

The outgoing CEO will remain available to the company until June 30 to assist with the transition period.

While the company has begun a global search process to replace the position, if a new CEO has not been appointed by February 28, Non-Executive Director Mark Powell will step up as Acting CEO.

Chairman Margie Haseltine thanked Darryl for his “outstanding” commitment to the company and wished him well for the future.

The Board notes the company’s record full-year FY21 results and confirms there is no change to previously issued financial guidance.

Company shares were trading 9 per cent lower at $7.51 at 1:02 pm AEDT.

BAP by the numbers
More From The Market Herald

" Which ASX-listed businesses handed back unneeded JobKeeper payments?

The corporate watchdog today released the statistics for listed businesses who have received JobKeeper payments over the course of the COVID-19 pandemic —

" RBA “prepared to be patient” as interest rates stay on hold

The Reserve Bank of Australia (RBA) used its final meeting of the year to keep official interest rates at a record low of

" Australian household spending back to pre-COVID levels: CBA

Australian household spending has returned to pre-COVID levels for the first time, according to the latest Householder Spending Intentions (HSI) Index report from

" Alinta Energy may build wind farm that could power Portland smelter

Alinta Energy is considering building an offshore wind farm off the coast of Portland in Victoria that could potential help power Aloca’s Portland