Auto Trader boss to step down after six years

The head of Manchester based Auto Trader has announced he is to step down after six years in charge.

Chief executive Trevor Mather is to retire in just under 12 months’ time.

In line with the company’s long-term succession planning, Nathan Coe, who is currently chief operating officer and chief financial officer, will be promoted to the role of CEO designate with effect from the start of May.

He will continue to be responsible for finance until taking over the chief executive role full time following Trevor’s departure next March.

Jamie Warner, who is currently Auto Trader’s deputy CFO, will be promoted to CFO-designate with effect from May 2019.

He will not join the board immediately, but the intention is that he will do so in due course.

Catherine Faiers, who is currently Auto Trader’s operations director, will be promoted to chief operations officer from May, when she will also join the Board.

Ed Williams, Chairman of Auto Trader, said: “Trevor has made a phenomenal contribution to Auto Trader’s success over the last six years.

“In addition to leading the hugely successful IPO, he has overseen a period of consistently strong financial results and shareholder returns whilst also working tirelessly to build a unique and values-led culture.

“The fact that we are able to promote from within to replace him, as well as the other senior roles around him, is clear testament to the strength of the team that he has developed and nurtured.

“We greatly appreciate everything that Trevor has done for the business, and the manner in which he has done it. We wish him the very best for the future.

“We are extremely fortunate to have such a natural and outstanding replacement for Trevor in the form of Nathan Coe. Nathan joined Auto Trader in 2007 to oversee the transition from a magazine business to being a purely digital company.

“He has been instrumental in shaping Auto Trader into one of the UK’s leading digital businesses, and the Board is confident that he will be a worthy successor as CEO.

“We are also delighted to welcome Catherine Faiers to the board as COO. Catherine joined Auto Trader in 2017, having previously been COO at Addison Lee, and is jointly responsible for the day-to-day operations of the business, working closely alongside Nathan.

“Jamie Warner has been with the business since 2012 in a range of finance functions and is currently Deputy CFO. We look forward to him succeeding Nathan as CFO and joining the Board in due course.

“Again, we are very lucky to have two such obvious and talented candidates internally.”

Trevor Mather said: “It has been the greatest privilege of my career to be at the helm of Auto Trader.

“It’s an outstanding business, and I want to thank every one of the wonderful employees who have helped to create the successful company that it is today.

“Nathan has effectively been running the business alongside me since 2017. He is more than ready to lead the Company and I am proud and lucky to have worked with him. I look forward to supporting the team over the coming year, and to watching Auto Trader’s continued success beyond that.

“The time has come for me to give back. In particular to my close family who have made incredible sacrifices to support me, but also to other causes and sections of the broader community that I feel I can help.”

Russ Mould, investment director at AJ Bell, said: “News that Auto Trader chief executive Trevor Mather is to step down next March is a blow for shareholders in the car listings site.

“In post for nearly six years, Mather helped lead the company through the IPO process and has done a good job of running it as a public company.

“It has not always been the smoothest drive but more recently the company and its shares have been really motoring, with the company joining the ranks of the FTSE 100 at the end of 2018.”

He added: “Despite being in existence in one form or another since 1977, Mather has helped turn Auto Trader into a truly ‘new media’ company.

“The slightly dog-eared looking print product for which it was famous was discontinued in 2013 leaving the group 100% digital.

“More than 70% of its traffic is now generated through smartphones and tablets.

“The company has a ready-made succession plan in place with finance chief and head operating man Nathan Coe stepping up to take the wheel.

“On this basis, the company’s strategy is unlikely to change. The challenge for Coe will be to continue to grow earnings in a car market which appears to be softening faster than a punctured tyre.

“Growth has been heavily driven by upselling higher value subscription-based packages to retailers. This could be more difficult to achieve if these clients are facing engine trouble.”