March 12, 2020 / 7:49 AM / a month ago

UPDATE 1-Lookers COO steps down after less than two months in the role

(Adds detail on outgoing operations chief, background)

March 12 (Reuters) - British car dealership Lookers said on Thursday Chief Operating Officer Cameron Wade would be leaving the company immediately, after being in the role for a little over a month.

The news comes days after the 110-year-old company said it identified potentially fraudulent transactions in one of its operating divisions.

Wade had been with Lookers for about four years and was the company’s franchise director at its Audi division before being promoted as operations chief on Feb. 5.

In November, Lookers’ chief executive and operating chief departed after the company 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.

Last month, the seller of new and used vehicles named Chief Financial Officer Mark Raban to the top job.

The company, which represents 31 vehicle brands including BMW and Ferrari in the UK and Ireland, was scheduled to post its results on March 11, but delayed them until the second-half of April. (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber)

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