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Marshall Motor - Managers and disaffection

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The chairman and CEO have a great deal of experience in the motor trade, so that is reassuring.  However, the CFO and most of the NEDs do not have any hands-on experience of this industry.  At least Alan Ferguson, Senior Independent Director, spent 22 years at Inchcape and eventually became FD there.  Also, the Operations Director, Jamie Crowther, who is not on the main board, takes weight off the CEO.

All in all I think it is a reasonably well-balanced board, if a little dependent on Daksh Gupta.

Daksh Gupta, CEO

Joined in 2008 as CEO. He owned (671,140, 0.87% of the equity) of Marshall’s shares at the time of the 2015 AIM float.  He has spent pretty much his entire career in the motor retail industry, mostly at Marshall, or its acquisition Ridgeway (but also Inchcape and Accident Exchange Group).

In February 2015, Gupta was named as the sixth most influential person in the automotive industry by Motor Trader magazine. He is a fellow of the Institute of the Motor Industry (FIMI).

Total remuneration in 2018 was £2m (including £1m due under a long-term incentive plan). He now holds 1.34m shares, or 1.72% of the company.

Bulletin Board writers seem to admire him – here are some comments;

  • The CEO has a reputation as a very dynamic individual.
  • Daksh Gupta is far too sharp to allow that to become a serious issue [a problem with leasing loans in 2017]
  • The CEO has a solid reputation for powering ahead and doing deals so I’m expecting the shares price to move up.
  • From what I hear the management is top notch and as the CEO said in the Times article today, all the PCP scaremongering should not apply to the major dealers who have stringent procedures in place to weed out the sub-prime buyer [written at the time of the mis-selling scandal at Lookers]
  • I don’t think this CEO would allow any dodgy dealing in his company judging by his previous record.

Posters on the employee website Glassdoor give an 81% approval rating to the CEO, even though only 48% would recommend working at Marshall Motor to a friend.  An indication of something going wrong in middle management?

Gupta emphisises the need to focus on ROCE: “The Group continually seeks to maximise return on capital employed and closely monitors and reviews its portfolio to ensure optimal returns. As a result, in November 2017 the Group closed six sub-scale, loss-making businesses. Management took further proactive steps during the Year, closing two used car centres and one franchised site, Vauxhall Leicester, as part of a wider network reorganisation announced by the brand in 2018. Consistent with our strategic growth pillar, during early 2019 the Group announced two acquisitions which have further extended our relationship with ŠKODA” (2018 Report)

Professor Richard Parry-Jones, Chair

Richard Parry-Jones joined January 2019 following the retirement of the 72-year old Peter Johnson. Parry-Jones spent over 30 years at Ford, including as Group Vice President of Global Product Development and served as its Chief Technical Officer for 10 years. Thus he has a great knowledge of new technology as it applies to the vehicle sector.

He has co-chaired the UK Automotive Council (a Government organisation) and in infrastructure sectors as Chairman of Network Rail and Chairman of Kelda Group Holdings and Yorkshire Water.

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