Andre Lacroix, chief executive of London-based motor retail group Inchcape, has resigned.
Inchcape said Lacroix has tendered his resignation to enable him to take a new role as CEO of Intertek Group, after almost 10 years steering Inchcape, which has car dealerships in the UK, Asia and Russia.
Lacroix will leave the group towards the end of March, 2015 after publication of Inchcape's 2014 annual results. The board has commenced a succession process, said the company's statement.
Ken Hanna, group chairman said: "On behalf of the board and all the employees of Inchcape, we thank Andre and recognise his exceptional contribution to Inchcape.
"Andre has been an exemplary leader and under his leadership Inchcape has strengthened its position significantly in the global automotive market.
"Inchcape has a track record of delivering double digit earnings growth with strong cash generation and our market capitalisation has more than doubled since we announced Andre's appointment in 2005. We will miss Andre and wish him all the very best for the future"
Lacroix said: "It has been a privilege to lead Inchcape, a truly iconic corporation in the global automotive market. We have grown from strength to strength and Inchcape is well positioned to continue to deliver premium growth with premium returns.
"I leave behind a world class management team and I have no doubt that they will leverage the strong performance momentum and take Inchcape to new heights.
"I am truly excited to lead Intertek in its next phase of growth and I leave Inchcape with my deepest thanks and gratitude to all our employees, brand partners, shareholders and suppliers who have supported me through every step of this journey."