February 5, 2020 / 7:51 AM / 15 days ago

UPDATE 1-UK auto dealer Lookers names retail veteran Mark Raban as CEO

(Adds detail on appointments, background)

Feb 5 (Reuters) - British car dealership Lookers named Chief Financial Officer Mark Raban to the top job on Wednesday and Cameron Wade to the role of chief operating officer, filling positions which had been vacant since a profit warning last year.

In November, Lookers’ chief executive and operating chief departed after it sounded a second profit warning in just a span of a few months as the British car market struggled with dwindling consumer demand and margin pressures.

Retail veteran Raban joined the London-listed company in July as its chief financial offer from previous stints at Marshall Motor Holdings Plc and Inchcape Plc’s retail business.

Wade, on the other hand, has been with the Lookers for about four years and was the company’s franchise director at its Audi division.

A search for a new finance chief will start shortly, the company said.

In a separate statement, Lookers said it expects profit for the year to be in line with expectations even as fourth-quarter trading was as challenging as expected.

The seller of new and used vehicles made by multiple manufacturers had seen its shares tumble more than 40% in 2019. (Reporting by Yadarisa Shabong in Bengaluru; Editing by Bernard Orr)

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