Lookers has filled the chief financial officer role left vacant since February last year with Anna Bielby, formerly of PwC and CFO of telecoms company KCOM Group.
Bielby, a chartered accountant, joins the AM100’s second-placed car retail group by turnover just two months after the group finally published long-awaited 2019 financial results which showed an £87.4m swing into pre-tax losses caused partly by past financial overstatements.
The COVID-19 lockdown in the first half of 2020 cost Lookers – already battling to deal with an internal fraud investigation and separate investigation by the Financial Conduct Authority (FCA) – £1bn in lost revenues.
A statement issued by Lookers today (January 6) said that Bielby had been appointed as a director and interim chief financial officer with effect from January 5.
It added: “Anna trained as a chartered accountant with PwC, where she worked for 14 years specialising in retail and was an Audit Director.
“She brings PLC experience, having worked at KCOM Group for five years in a number of senior financial roles, latterly as Chief Financial Officer.”
Last week Lookers said that it would continue to “review the appropriateness of the remuneration policy” after a shareholders’ revolt centred on the £450,000 pay packet of chief executive Mark Raban, who was promoted from the role of CFO almost a year ago.
Despite attempts to assure investors that “the Remuneration Committee did not believe a suitable candidate could be secured for lower remuneration than that offered to Mark” in a note to investors, 28.91% of shareholders voted against the remuneration report at the troubled AM100 PLC's general meeting.