AA PLC Directorate Change (4489X)
30 April 2019 - 12:30AM
UK Regulatory
TIDMAA.
RNS Number : 4489X
AA PLC
29 April 2019
April 29 2019
AA plc
("AA" or "the Company")
Martin Clarke to step down as CFO
Mark Strickland to be appointed Interim CFO
The AA announces today that Martin Clarke has resigned and
decided to step down with immediate effect from his role as Chief
Financial Officer and as a director of the AA, after nearly five
years of service.
Martin, was part of the team that led the original acquisition
and subsequent IPO of the AA in 2014. He was appointed Chief
Financial Officer in November 2014. He has played a critical role
in stabilising the business, including implementing its new
business strategy and leading several successful refinancings of
the Company. The most recent of these has resulted in the extension
of our effective near-term debt maturities until January 2022,
providing significant runway for the business to focus on execution
of its strategic plan.
Martin came to the AA with over 30 years of private equity
experience, principally in the role of Partner and Global Head of
Consumer for Permira, which he joined in 2002. Prior to Permira, he
worked at Cinven and Silverfleet, the private equity arm of
Prudential plc.
Mark Strickland, who joined the AA in 2016 and played a lead
role in the day-to-day running of the AA's finance function, has
been appointed interim CFO, effective 30th April 2019. The interim
role is not a Board position.
The Board will immediately commence a formal process to select a
permanent successor who will work with Simon Breakwell, CEO on the
next phase of the transformation of the Company.
John Leach, Chairman of The AA plc said: "Martin has been a
great steward to the AA, during a challenging time for the Company
since its IPO. Most recently, Martin has played an instrumental
role in strengthening the Company's balance sheet, in addition to
embedding the new business strategy, which underpins the AA's
future success. On behalf of the Board, I would like to thank
Martin for his significant contribution.
Mark Strickland is an experienced finance director, who has led
the day-to-day running of the AA's finance team for the last three
years. I am grateful that he has agreed to take on the role of
interim CFO."
Martin Clarke said: "After nearly five years with the AA now is
the right time to identify the next CFO of the Company who can
commit to the long term and the realisation of the strategic vision
set out by Simon Breakwell and myself. The most recent refinancing,
and the delivery of full year results in line with expectations,
means the Company is well positioned to execute its strategy and
deliver sustainable growth. I remain a major personal investor in
the Company and wish it well for the future. For me, now is the
right time to return to my twin passions of private investing and
politics."
As reported in our full year results on 3rd April, the Company
remains confident that its strategic plan will deliver sustainable
EBITDA growth in FY20.
There is no additional information to disclose under paragraph
9.6.11 of the Listing Rules in respect of the changes to this
appointment. For further information, please contact:
Investors: The AA plc
Zeeshan Maqbool, Investor Relations and Corporate Finance
Tel: +44 (0)20 7395 7303
Zeeshan.Maqbool@TheAA.com
Media: Finsbury
Jenny Davey/Rollo Head
Tel: +44 (0)207 251 3801
AA@finsbury.com
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END
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