Lookers chief operating officer resigns from board

Cheshire car dealership Lookers has announced that its chief operating officer has resigned from the board.

It said in a stock exchange announcement this morning that Cameron Wade is leaving the company with immediate effect.

Mr Wade, who describes himself as “a self-assured driven motor trade professional and have always had the ability to deliver exceptional profit growth and strategy implementation” on his LinkedIn profile, joined Lookers as an Audi franchise director in December 2016.

In November 2019 he became group franchise director, and then chief operating officer in February this year, at the same time the group’s finance boss, Mark Raban, was promoted to chief executive.

At the time, executive chairman Phil White said: “I am delighted to be announcing Mark’s and Cameron’s new leadership roles. They both have significant sector experience which is well suited to both the group’s immediate priorities and longer term strategic objectives.”

Yesterday (March 11) Lookers postponed its scheduled annual results announcement after it revealed it had identified “potentially fraudulent transactions” in one of its operating divisions.

It said the results will now probably be released in the second half of April.

The group said: “Whilst the initial findings are not material in the context of the group, the board is appointing an external adviser to lead a full investigation into the matter.”

Lookers has endured a turbulent year of profits decline, a Financial Conduct Authority investigation over its sales practices, and the depature of several senior board members.

Lookers trades from 164 car dealerships throughout the UK.