Lookers’ Chief Operating Officer Resigns
Cameron Wade, Lookers’ Chief Operating Officer, has resigned his post with immediate effect after share prices at the AM100 car retail group declined to a record low.
Cameron’s resignation follows the announcement that the group will delay the publication of its annual financial results due to potential fraudulent transactions.
The group said that Cameron Wade was “leaving the Company with immediate effect”.
Share prices in Lookers slumped to 23.6p this morning, from 39.3p prior to Tuesday’s announcement about potential fraudulent transactions.
The FCA is currently investigating the regulated sales activities at Lookers, which raised concerns with the regulator after identifying “some control issues” via an independent review of its practices in December 2018.