Vertu Motors plc (LON: VTU), the automotive retailer with a network of 125 sales outlets across the UK, has today announced the appointment of Karen Anderson as Chief Financial Officer with effect from 1 March 2019. Karen will replace Michael Sherwin, who has informed the Board of his intention to step down in March 2019 to further develop his portfolio of business interests. Michael has been the Group’s CFO since 2010.
Karen is currently Deputy Chief Financial Officer and Company Secretary and trained as a chartered accountant with Arthur Andersen before joining Reg Vardy PLC where she was the Group Financial Controller. She joined the Group in 2006 and served as Group Finance Director until 2010, seeing the Group through its flotation and initial growth period.
The Company also announces that Nigel Stead, who has served as a Non-Executive Director since 2011, will retire from the Board on 31 December 2018.
Peter Jones, Vertu Motors plc Chairman, commented:
“I am delighted to welcome Karen to her future new role as CFO and to the Board following the thorough external benchmarking exercise we have undertaken. Karen’s wealth of both industry and finance experience will help to guide the business through its next stage of growth.
“Michael has been an Executive Director of the Group for nearly nine years and has been instrumental in its strategic development and significant growth. I would like to thank him for all he has contributed.
“The Board is grateful to Nigel for the diligent support and wise counsel which he has given to the Board over the last eight years.
“We wish both Michael and Nigel well in the future.”