News Column

AA Chief Executive And CFO Leave As Executive Chairman Takes Charge

August 28, 2014

Samuel Agini

LONDON (Alliance News) - AA PLC Thursday said Chief Executive Chris Jansen will resign from the board with immediate effect and will leave the company following an orderly transition, with Bob Mackenzie to lead the company in his capacity as executive chairman.

Jansen's departure comes just months after his appointment to the role in January 2014. In a statement, the breakdown cover organisation said that the agreement for Jansen to stand down as CEO was mutual. In his time in charge, Jansen oversaw the AA's June initial public offering, under which it sold 85 million new shares at 250 pence each.

"I was appointed by the previous private equity owners as the CEO to improve the business and to enable a change of ownership to take place," Jansen said in a statement.

"Bob and his executive colleagues did a great job raising the finance to acquire the business and as a result my role has now changed substantially. I have therefore agreed with Bob to find a new executive opportunity outside the AA," he added.

In addition, Chief Financial Officer Andy Boland also will leave the company. The AA said a further announcement will be made in due course about the timing of his departure.

AA shares were Thursday quoted up 0.3% at 276.50p.

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Source: Alliance News

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