Article date: 17 December 2002
RAC plc, the motoring and vehicle solutions company, announcesthe appointment of Peter Smith as non-executive Chairman from 1 May2003, succeeding Sir Trevor Chinn who retires at the AGM at the endof April 2003. Peter Smith will join the Board as Deputy Chairmanon 1 January 2003.
Peter Smith was previously at PricewaterhouseCoopers, where hewas the first Senior Partner and a member of the Global ManagementBoard, following the merger of Coopers & Lybrand and PriceWaterhouse in 1998. Prior to that he was Chairman of Coopers &Lybrand UK and of Coopers & Lybrand International.
In 2001 Peter was appointed as a non-executive director of N MRothschild & Sons Limited and of The Equitable Life AssuranceSociety; he is Chairman of the Audit Committee of both entities. Heis also a non-executive director of Safeway plc. He is a member ofthe Finance and General Purposes Committee of the CBI and sits onthe Harvard Business School’s Global Corporate GovernanceAdvisory Council.
Sir Trevor Chinn, Chairman of RAC plc, commented: “We haveknown Peter for quite some time and I am very pleased that he willbe joining the Board in good time for an effective hand-over. Theblend of Peter’s experience in successfully leading a large,professional services company, his excellent corporate governancecredentials and his management style, make him an excellentsuccessor. I am confident that he will play a key role in takingthe Company forward to the next phase of its development as aleading support services company.”
Peter Smith added: “ I am delighted to be joining theCompany at a time when the business has so many opportunities forgrowth. RAC is a powerful brand and I look forward to working withthe team to build on its success and to achieve its full profitpotential. ”
After serving ten years as a non-executive director of RAC plc,Michael Ost no longer qualifies as an independent Director and willbe leaving the Board, as planned, on 31 December 2002. It isintended that Michael will take up the position of Chairman of theGroup’s pension scheme, with effect from 1 January 2003,replacing Lord Terence Higgins who has been the Chairman of thepension scheme for eight years.
In accordance with Chapter 16.4 of The Listing Rules, no furtherdetails are required to be disclosed under paragraph 6.F.2 (b) to(g) in connection with Peter Smith’s appointment.
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For further information please contact:
Sir Trevor Chinn, Chairman, RAC plc – 020 7705 1258
Peter Smith, N M Rothschild & Sons Ltd – 020 72805419
Anita Scott / Michael Webster, Brunswick Group – 020 74045959
Notes to editors:
RAC plc provides motoring and vehicle solutions to individual andbusiness customers through five inter-related businesses:
- RAC Consumer Services sells a comprehensive range ofmotoring solutions to individual customers, including financial,legal and travel services, RAC Auto Windscreens and BSM.
- RAC Business Solutions sells motoring and relatedbusiness solutions to business customers and manages complexoutsourcing bids for large public and private sectororganisations.
- Lex Vehicle Leasing is the UK’s leading car andvan contract hire company, providing solutions for fleets of allsizes together with personal leasing and employee car ownershipschemes.
- Lex Industrial Solutions includes mechanical handling,fleet management and commercial vehicle contract hire, bringingtogether these activities to meet the specific needs of businesscustomers.
- Manufacturer Support Services provide outsourcedmarketing and inventory management services, primarily for vehiclemanufacturers.
Aged 56, Peter Smith is married with two grown up sons. He holds aBSc in Social Sciences, from the University of Southampton, and isa Fellow of the Institute of Chartered Accountants in England andWales. He attended the Advanced Management Program at The WhartonSchool of the University of Pennsylvania.
He began his career at Cooper Brothers & Co in 1967 and wasadmitted to the Partnership at 28 years old, one of the youngestever. He worked in the audit and investigation practicespecialising in financial services. He travelled regularly to theUS, Hong Kong, Singapore and Tokyo throughout the 1980s working forUS, UK and Japanese clients investing cross-border and developinghis firm’s financial services practice.
From 1990, Peter was Head of the London Office and FinancialServices Practice, becoming Senior Partner (Chairman and ChiefExecutive) of Coopers & Lybrand UK and Coopers & LybrandInternational in 1994.
He was appointed the first Senior Partner ofPricewaterhouseCoopers in 1998 and retired from the firm at the endof 2000.
In 2001 he was appointed a non-executive director of N MRothschild & Sons Limited and of The Equitable Life AssuranceSociety. He is Chairman of the Audit Committee of both entities. Heis also a non-executive director of Safeway plc.
Sir Trevor Chinn
Sir Trevor Chinn, aged 67, was appointed to the Board of RAC plc(formerly Lex Service PLC) in 1959, became Managing Director in1968 and Chairman in 1973. In addition he was Chief Executive from1973 to 1996.
Sir Trevor is Vice Chairman of the Commission for IntegratedTransport, which was set up to advise the government on theimplementation of the Transport White Paper published in 1998. Heis also Chairman of the Motorists' Forum, which consults withgovernment on issues affecting motorists.
He became Chairman of Kwik-Fit in November 2002.