Car parts retailer and distributor Bapcor (ASX:BAP) had a busy Tuesday, announcing a new CEO and Executive Chair, and rejecting the tentative $5.40 a share approach from Bain Capital, an American private equity group.
The company told the ASX that the approach, revealed on June 11, had been rejected after considering the offer "in detail."
"The Bapcor Board has concluded that the Bain Proposal does not represent fair value for Bapcor, is not in the best interests of Bapcor shareholders and therefore has rejected the Bain Proposal,” the second of two statements on Tuesday said.
The new Executive Chair and CEO is Angus McKay, an experienced CEO of several major companies, both listed and unlisted. He started on August 22, and the appointment has led to several other changes on the board as it reverts to a permanent structure after six months of interim arrangements.
Bapcor said its new Chair and CEO has had more than 30 years of experience, most recently running 7-Eleven since 2016. He has also been CEO of Skilled Group and Pacific National and Chief Financial Officer of Asciano.
Bapcor’s interim Chair, Margie Haseltine, said in the statement, "The Board is excited to work with Angus and has confidence in his ability to lead Bapcor." Margie commented, "Angus is a proven leader with extensive experience. Throughout his career, he has brought a strategic approach to expansion and operational efficiency. Along with his focus on cultural change, Angus is well placed to drive results in Bapcor’s strategic endeavours and in turn for Bapcor’s shareholders."
Bapcor also announced that Non-Executive Director Mark Powell had been elected to the new position of Lead Independent Director of the Board, effective August 22.
"Following Angus’ commencement, Mark Bernhard will step down from his role as Interim CEO & MD and return to his role as Non-Executive Director of Bapcor. The Board would like to thank Mark for his leadership and stability during his time as Interim CEO & MD.
"Mark has been instrumental in supporting Bapcor’s commercial initiatives and its team members.
"In order to enable Angus’ smooth transition into his role, from August 22, 2024, Margie Haseltine will assume the role of Non-Executive Director. Margie has also restated her previous advice to the Board that she does not intend to seek re-election to the Board at the 2024 AGM,” Bapcor added.
