Auto Trader announces board resignations
08 Mar 2016
Auto Trader U.K., announces that Tom Hall, Nick Hartman and Victor ‘Chip’ Perry III have resigned from the board.
Hall and Hartman had previously been appointed to the board under the terms of a relationship agreement entered into with the company’s former principal shareholders, Apax.
The agreement entitled Apax to nominate two non-executive directors to the board providing they continued to hold voting rights over 20 percent or more of the company’s issued share capital.
As announced in February, Apax has now disposed of the majority of their holdings in the company, and, therefore, Hall and Hartman have both offered their resignations.
Perry notified the board that he wishes to resign as a director of the company owing to his executive commitments. Perry, CEO of AutoTrader.com in the U.S. from 1997 to 2013, was recently appointed the president and CEO of TrueCar Inc, a Company listed on NASDAQ, based in Santa Monica, California.
Perry will continue to assist the company in an advisory capacity, helping the company to understand and interpret developments in the U.S. automotive advertising market and their applicability to Auto Trader in the U.K..
Commenting on the changes, Ed Williams, chair of Auto Trader, said: “Tom Hall has been involved with the business since June 2007, and was instrumental in transforming Auto Trader into a 100-percent digital business. Nick was appointed in October 2013 and has contributed greatly to the business, particularly with regard to improving operational standards and effectiveness. In his two years on the board, Chip has brought us and our customers unparalleled knowledge of leading edge online practices from the U.S..”