Inchcape PLC on Monday said Chief Financial Officer Gijsbert de Zoeten is standing down from the board and his role with immediate effect.

The auto distribution, retail and services company explained that De Zoeten ‘voluntarily tendered his resignation’ following an incident in which ‘through a lapse in judgement, he displayed personal behaviour falling short of the high standards expected of the leadership.’

De Zoeten had been CFO of the company since September 2019.

Adrian Lewis, Inchcapes’s financial controller, has been appointing as acting CFO. The process to find a permanent successor has begun.

The company noted that Zoeten’s departure is not linked to the financial performance of Inchcape, its strategic direction or the Derco acquisition.

In October, Inchcape said it expects its £1.3 billion acquisition of automotive distributor Derco to complete at the end of 2022 or in the first quarter of 2023.

Inchcape shares were 1.9% lower at 862.50 pence each in London on Monday morning.

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