Inchcape’s chief financial officer Richard Howes has stepped down from his position with the AM100 car retail group to pursue another opportunity outside the sector.
Howes, who joined the group in April 2016, will leave the business on August 31, to take up a new role as chief financial officer at Bunzl plc, the FTSE100 specialist international distribution and services Group.
A statement issued by Inchcape today (May 10) said that the board had already begun a process to identify a replacement to “lead the finance function into the next phase of the Group's development”.
Inchcape chairman, Nigel Stein, said: “On behalf of the group, I would like to thank Richard for his contribution to the company's performance and our Ignite strategy over the last three years.
“He leaves the business with a stronger finance and accounting function, an established procurement department and has led a greater focus on the finance and insurance revenue stream for the group.
“On behalf of the board I would like to wish Richard all the best for the future."
Howes joined Inchcape ahead of the departure of his predecessor John McConnell three years ago, following his decision to return to his native Australia.
Howes was previously chief financial officer of Coats Group, the industrial thread and consumer textile crafts business with operations in over 70 countries across six continents and had previously held the same position at Topaz Energy and Marine, an international oil field services company and also worked for former FTSE 250 company Geest, an international food manufacturer.
Inchcape's Q1 trading statement will be released on May 23.