Intertek, the London-based inspection and certification firm, saw its share price jump by more than two per cent yesterday following the appointment of Inchcape's Andre Lacroix as chief executive.
Meanwhile, Inchcape's share price plummeted by almost five per cent.
Lacroix will take up his new role and join the Intertek board in May 2015. He replaces Wolfhart Hauser, who is retiring after 10 years at the company.
Before joining Inchcape, where he has been chief executive since 2005, Lacroix held senior positions at Euro Disney SCA and Burger King International.
Lacroix said: "Intertek is an exciting company positively influencing the health, safety and environmental impact of industries worldwide and its financial and operational track record over the years is impressive. I look forward to working with David, the board, and Intertek's talented management team, and people worldwide, to begin the next exciting chapter of Intertek's growth."
Sir David Reid, chairman of Intertek, said Lacroix would bring an “impressive combination of experience” to the business and added: “He has consistently succeeded in driving growth and performance in his career and has the right qualities to lead Intertek in its next phase of growth.”
Reid added: “I would like to thank Wolfhart on behalf of the Board, our customers, our people and our shareholders, for his commitment and significant contribution to Intertek.”