Business

AA chief executive resigns after stock market flotation

  • 28 August 2014
  • From the section Business
AA breakdown recovery
The AA is best known for breakdown recovery

The chief executive of motoring group the AA, Chris Jansen, has resigned following a management buy-in and stock market flotation in June.

Chief financial officer Andy Boland will also leave the firm.

Mr Jansen will be replaced by AA executive chairman Bob Mackenzie, who will lead the company, the AA said.

Mr Jansen said he had "agreed with Bob to find a new executive opportunity outside the AA" and that he had "relished" his time at the company.

"I was appointed by the previous private equity owners as the CEO [chief executive] to improve the business and to enable a change of ownership to take place," Mr Jansen said.

"Bob and his executive colleagues did a great job raising the finance to acquire the business and as a result my role has now changed substantially," he added.

Mr Mackenzie, a former boss of Green Flag, led the management buy-in, which was backed by institutional investors, including Aviva, Blackrock, Legal & General, Invesco, and Lansdowne Partners.

The company floated on the London Stock Exchange in June.

The date for the departure of Mr Boland, the current chief financial officer, will be announced in due course, the AA said.

The AA was formed in 1905 by motoring enthusiasts, mainly as a means to avoid police speed traps. The firm, which is best known for its breakdown recovery service, also sells insurance and financial products.

The organisation was acquired by Centrica for £1.1bn after it voted to demutualise in 1999.

Private equity firms CVC and Permira bought the company from Centrica for £1.75bn in October 2004.

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