Bapcor names Lachlan Edwards as chair, CEO Angus McKay leaves board
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The news: Autobarn owner Bapcor has appointed independent non-executive director Lachlan Edwards as its new chair. It also confirmed that CEO Angus McKay will step down from the board while retaining his executive position.
The context: Edwards joined the Bapcor board on 1 October, having served as managing director and co-head of Lazard Australia, managing director of Goldman Sachs in Asia Pacific and Europe, and as a managing director and board director of NM Rothschild & Sons.
Bapcor also announced that current independent non-executive director Kate Spargo has been appointed in the newly created role of deputy chair.
The company said McKay's departure from the board will enable him to "focus his experience and energy on accelerating the turnaround of the Bapcor business".
The board shake-up come after the company announced a five-year strategy in April, aimed at improving business performance.
The Autobarn, Autopro and Burson owner saw its shares tank in July after three of its board members resigned. The company told investors at the time that it would consequently accelerate its board refresh process.
The source: ASX
