Lookers has confirmed CEO Mark Raban is to exit the automotive retail big on December 31.

In a leaked memo, Raban, who has been with the enterprise for almost 5 years, expressed gratitude to his colleagues and highlighted the numerous accomplishments achieved throughout his tenure.

The announcement follows Lookers’ transition to non-public possession, following a £504 million deal by Canadian agency Alpha Auto Group in October.

Initially, World Auto Holdings proposed 120p per share, which was rejected by its majority shareholder, Cinch. Nevertheless, a revised supply of 130p per share was accepted, securing the deal. The privatisation resulted within the firm’s delisting from the London Inventory Alternate on October 9.

Raban recommended his colleagues for the profitable restoration regardless of the challenges confronted in 2019/20 and the pandemic, urging them to stay targeted on supporting one another and the shopper. Raban expressed confidence within the firm’s future, emphasizing Lookers’ enduring legacy of over a century in enterprise.

Lookers, having lately shed its PLC standing, is now planning to shed 200 jobs by way of redundancy and is present process a proper session interval as a part of a restructuring effort.

An organization spokesperson acknowledged that the proposed redundancies primarily affect head workplace roles. A Lookers spokesman stated: “A variety of folks linked to the central assist perform of working a PLC have had redundancy proposed. That quantity is round 3% of the 6,500 workers at Lookers.”

“Sadly, now that Lookers is now not listed on the London Inventory Alternate, a sure variety of company and assist roles that relate to its standing as a listed firm could also be affected by this proposed programme.

“Consistent with regular observe, now we have notified these staff who’re affected by way of a proper letter, explaining that now we have now entered the formal session interval with worker representatives as a subsequent step.”

The corporate has but to announce Raban’s successor.