- 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.