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Pendragon appoints Mark Herbert to replace outgoing CEO Trevor Finn

The car dealership operator said Herbert would assume the role from 1 April after Finn retires at the end of March
Mark Herbert
Herbert will join Pendragon from conglomerate Jardine Matheson

Pendragon PLC (LON:PDG) has appointed Mark Herbert as its new chief executive to replace outgoing boss Trevor Finn.

The car dealership operator said Herbert would assume the role from 1 April after Finn retires at the end of March.

READ: Pendragon says Ten Entertainment's Mark Willis to replace outgoing Tim Holden as CFO

Herbert will join Pendragon from conglomerate Jardine Matheson Group (LON:JAR), where he held the positions of group finance director and CEO of the Jardine Motors arm.

He also previously served as CEO of Cold Storage Singapore and chairman of DFI Lucky Cambodia, part of Jardine subsidiary Dairy Farm International Holdings.

Finn’s retirement, which was announced in December, followed the departure of financial director Tim Holden in October, who was replaced by the chief financial officer of Ten Entertainment Group (LON:TEG) Mark Willis.

Herbert said: “I am looking forward to leading the Company through the next phase of its development, working alongside our highly capable team members and business partners to implement our strategy.”

Pendragon’s chairman, Chris Chambers, added that Herbert was “the ideal person to lead Pendragon through the next phase of its development and we all look forward to working with him as we continue to implement our established strategy”.

READ: Pendragon's quarterly profits hit by new emissions standards

In a note to clients, analysts at broker Liberum said Herbert’s “broad skills and experience, including some UK motor retail make for an interesting appointment”, although added that the challenge at the company was “large” as it continued efforts to shift its offering more toward the used car market to offset falling demand for new cars.

In mid-morning trading Monday, Pendragon shares were up 0.6% at 27p.

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