News Column

AA chief resigns following float

August 29, 2014

Sean Farrell



The AA's chief executive has been squeezed out of the company just two months after the motoring group floated on the stock market.

Chris Jansen has resigned from the board and will leave the AA in the next few days, handing over to the executive chairman, Bob Mackenzie. Jansen will be followed out the door by Andy Boland, the finance director, who is staying on the board for the time being.

Jansen joined in January from British Gas, when the AA's private equity owners were preparing to sell the business. But in June the firm announced that Mackenzie, a former boss of rival breakdown service Green Flag, had gained the support of big City investors to bring in his own team to run the AA once it had floated. The shares floated at 250p, and yesterday added 0.5% to 277p.

Jansen said at the time of the pounds 1.2bn flotation that Mackenzie was an "elder statesman". Jansen will be paid his pounds 600,000 annual salary. He also owns 800,000 AA shares, worth pounds 2.2m.



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Source: Guardian (UK)


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