AA today announced the appointment of a new chief financial officer.
Kevin Dangerfield moves to AA from Wilmcote Holdings, an investment vehicle.
Read more: AA shares leap as firm plans bond buyback
Dangerfield will take up the role on 6 January 2020, subject to approval from the FCA. He will take over from interim CFO Mark Strickland who will stay with the company.
John Leach, AA’s chairman, said: “Kevin brings a wealth of highly relevant finance experience from across a number of sectors to the executive management team and the board. I would like to welcome him to the AA and look forward to working together.”
AA’s share price fell almost two per cent to 52.7p in early trading after a long upward climb for the company’s stock.
Shares gained 15 per cent in one day after it announced a bond buyback program earlier this month following positive first half results.
The bond buyback program began on 16 December.
After an early October fall of over one third, its share price remained steady and has seen consistent growth since early December.
Investors were happy to see AA get back on track after issuing a profit warning earlier this year after profit dove 60 per cent to £53m.
Earlier this year the company launched a partnership with ride-share app, Uber, as part of its plan to increase focus on service maintenance and repair (SMR).
AA expects earnings from trading and free cash flow for the full year to be in line with market expectations as “positive operational momentum” has continued into the second half.