MOTORING group the AA has appointed Martin Clarke as CFO.
The former private equity executive at Perima – which jointly owned the AA for 10 years since 2004 – will take over from Andy Boland, who will now leave the roadside recovery firm at the end of December.
Clarke, who boasts over three decades of private equity experience, was part of the original management buy in team that led the accelerated listing in June backed by its institutional ‘cornerstone’ investors – Aviva, Blackrock, CRMC, GLG Partners, Henderson Global, Henderson Volantis, Invesco, Legal & General and Lansdowne Partners.
Former Hermes fund manager, John Leach, also joins as a senior independent non-executive director, the company announced.
Bob Mackenzie, AA executive chairman, said: “I am pleased that Martin is becoming CFO and John our senior independent director and that the board can announce these changes today. As a result, there is now an independent balance to the Board, and after Andy Boland leaves, there will be five non-executive directors and three executive directors.
“I would also like to thank Andy Boland for his valuable contribution to the AA over the last six years.”
The AA began life in 1905 at the cusp of the nascent motor industry, primarily to alert members of police speed traps. Since then it has morphed into a vast company offering everything from insurance and financial services to its traditional breakdown services.
Having voted to demutualise in 1999, it was snapped up by Centrica for £1.1bn.
Within five years, private equity firms CVC and Permira had bought the company from Centrica for £1.75bn.