Sir Michael Rake appointed Chairman of strengthened RAC board
David Lowden, Peter Plumb and Cilla Snowball join the Board as Non-Executive Directors
RAC Group is pleased to announce that Sir Michael Rake is to be appointed as Chairman of the Board of Directors of the parent company of the RAC Group (the “Company”). In addition, David Lowden will join as Senior Independent Director (SID) and Peter Plumb and Cilla Snowball CBE will become Non-Executive Directors.
Sir Michael, who is the President of the Confederation of British Industry, enjoyed a long and successful executive career at KPMG, including serving as Chairman of KPMG International from 2002 to 2007. He has also amassed a wealth of experience in Non-Executive positions at some of the UK’s most high profile businesses. He has been Chairman of BT Group Plc since 2007 and is also currently Deputy Chairman of Barclays Bank Plc, having joined the Board as a Non-Executive in 2008. He is also a Non-Executive Director of McGraw Hill Financial LLC, the parent company of Standard & Poor’s. Previously, Sir Michael was Deputy Chairman and then Chairman of EasyJet Plc between 2009 and 2013 and was a Non-Executive on the Financial Reporting Council between 2007 and 2011.
RAC’s current chairman, Rob Templeman, will transition into a Non-Executive Director role, remaining on the Company Board.
Joining the Board as Senior Independent Director, David Lowden, will bring valuable experience in the business services sector to RAC. He is currently a Non-Executive Director for Michael Page International Plc and William Hill Plc and serves as the Senior Independent Director for Berendsen Plc. David was previously Chief Executive of Taylor Nelson Sofres.
Cilla Snowball CBE, Group Chairman and Group CEO of advertising agency AMV BBDO, will be able to draw on her 30 years of experience supporting some of the world’s most successful consumer brands and working with leading charities including Comic Relief and organisations such as the Women’s Business Council.
Peter Plumb will bring deep knowledge of the digital and data space to the RAC Board as the CEO of Moneysupermarket Plc, the leading online personal finance aggregator in the UK.
Sir Michael Rake said: “RAC has a powerful brand and an exciting future. It is trusted by over eight million members and the significant investment that has gone into the business over the past three years positions RAC for continuing growth. I look forward to working with the experienced and entrepreneurial management team and the high calibre Non-Executive team that has been put in place”.
Rob Templeman added: “As a Non-Executive Director, I look forward to working with Mike and the other new Board members. The significant transformation in RAC since its acquisition by Carlyle has propelled the business into a strong market position – these top appointments further strengthen that proposition”.
Chris Woodhouse, CEO of RAC commented: “Rob has made a big contribution as Chairman and we are fortunate that he will remain on the Board which comprises a first-class team with a wealth of experience in relevant but diverse fields. Mike brings a new and fresh perspective to RAC as well as significant business acumen. He adds unparalleled Board experience as we enter an exciting stage of our corporate development and move into the next stage of our growth”.
For the year ended 31 December 2013, RAC reported revenue of £485m, up 6% compared to 2012 and EBITA of £152m, up 11%.
