The chairman of Pendragon, the London-listed car dealer behind Evans Halshaw and Stratstone, is to step down after less than two years amid growing pressure from an activist investor.
Sky News has learnt that Ian Filby is to quit the company, with an announcement expected as early as Friday, when it stages its annual general meeting.
A veteran Boots executive, Mr Filby took up the post in November 2021 and has overseen a tumultuous period including several takeover bids from Pendragon’s biggest shareholder.
Mr Filby, whose last executive role was at the helm of DFS, the furniture retailer, was also chairman of the fashion chain Joules when it collapsed into administration last year.
Pendragon has seen its shares fall sharply since the collapse of a takeover approach from Hedin Group, which owns more than 20% of the company.
It has been hit with demands for a boardroom shake-up from Palliser, a fund which has built a 4% stake in the company.
Read more business news:
Telegraph owner close to £600m sale
Industry veteran to chair Thames Water
Ofgem’s downward revision of average energy use means lower bills forecast but still higher than historical levels
Industry veteran to chair Thames Water
Record amount withdrawn from savings as cost of living crisis bites households
Be the first to get Breaking News
Install the Sky News app for free
In March, Palliser wrote to Pendragon’s board seeking boardroom representation, which has not been granted.
Mr Filby’s departure will come amid a spate of corporate activity in the UK car dealership sector, with Lookers having agreed a £460m takeover this month, and Jardine Motors also recently being acquired.
Hedin’s aborted bid for Pendragon valued the company at 29p-a-share.
On Thursday, its stock closed at 17.8p, giving the company a valuation of less than £250m.
It was unclear on Thursday evening whether Pendragon had a successor to Mr Filby lined up.
A Pendragon spokesman declined to comment.
