Inchcape chairman Hanna to retire, to be succeeded by Nigel Stein

He will be succeeded by Nigel Stein, who has been a non-executive director since October 2015 and is currently also Industry Chair of the UK's Automotive Council.

Nigel Northridge, Inchcape's senior independent director said: "On behalf of the board, I would like to thank Ken for his long service and great contribution to Inchcape. His leadership steered the group through the global financial crisis and he has played a critical role in the development of the group's strategy over the last decade.

"We are delighted to confirm the appointment of Nigel Stein as Chairman with effect from the AGM in May 2018. Nigel has held a range of general management and finance roles and has significant experience of the global automotive industry."

Hanna said: "It has been a privilege to have been the chairman of Inchcape over the past nine years. It is a company that has a proven track record of delivering success and I am confident that the right leadership is in place to continue to grow and strengthen the business. I wish everyone at Inchcape all the very best for the future."

At 0930 GMT, the shares were down 0.9% to 743p.