Inchcape’s chief financial officer has stepped down with immediate effect after displaying “personal behaviour falling short” of the company’s standards at a recent event.
Gijsbert de Zoeten quit over the revelations this morning, in a statement put out by the company, forfeiting his long-term incentive plans (LTIPs) as well as any bonuses.
By contract he will be paid for the next 12 months for a total of £608,000.
“This follows an incident at a recent event where, through a lapse in judgement, he displayed personal behaviour falling short of the high standards expected of the leadership of the group,” Inchcape said today.
His bio and information were removed from the company’s website.
According to the car retailer, de Zoeten’s decision is not related to the company’s performance or its decision to press ahead with the acquisition of Latin American auto distributor Derco.
Inchcape’s group financial controller Adrian Lewis will take over from de Zoeten on an interim basis until a successor is found.
The company reported a strong performance in the third quarter of 2022, posting a group revenue of £2.1bn – 16 per cent up on an organic basis.
It also expects to meet or exceed its profit forecasts for the year, which are between £350m and £370m.