FORMER Lex Autolease chief executive Nigel Stead has been appointed as an independent non-executive director at motor retailer Vertu Motors.
The 62-year-old has previously been a non-executive director at Motability Operations Group and Universal Salvage, and is currently a non-exec director at Prohire and Merrion Fleet Management.
He joins Vertu at a time when it is expanding its roster of dealerships.
Stead said: “I am pleased to be joining the board of Vertu Motors, having admired its consistent growth record.
“I intend to utilise my skills and experience in the motor industry to help the group evaluate opportunities as it continues to expand and grow.”
Many of Vertu’s 82 sales and after- sales outlets across the UK trade under the Bristol Street Motors banner. The company unveiled a 7% rise in revenues to £547m in the six months to the end of August, but pre-tax profit was down 16% to £4.1m.
Chief executive Robert Forrester said the drop was due to the start-up costs of several embryonic dealerships as well as the fact that the scrappage scheme was still running in 2010.
Paul Williams, non-executive chairman of Vertu, pointed out Stead had vast motor sector experience, and that the board needed the right mix of skills, experience and independence.
