Sir Nigel Rudd resigns as chair of Pendragon

SERIAL non-executive Sir Nigel Rudd, the man who co-founded and built up Williams Holdings, is to step down as chairman of motor dealer Pendragon, which was spun out of the conglomerate two decades ago.

Rudd said yesterday he had been considering retiring from Pendragon for some time but had been prevented from leaving until now due to the financial turmoil of the past few years.

He added that the search for a successor is well underway.

Rudd, also a former deputy chairman of Barclays, was appointed chairman of Pendragon when it floated on the London Stock Exchange after demerging from Williams in 1989.