Shares in Auto Trader Group plc have dropped more than 3% today (writing at 12.40pm) following the news that COO Catherine Faiers is to depart for Moonpig.
The online card retailer said Faiers will replace Nickyl Raithatha, who in June announced that he would be stepping down after seven years in the business, as CEO.
Raithatha’s leaving date – and Faiers’s start date – will be announced in due course.
“The company will implement a smooth and orderly transition, with details of succession arrangements and the final leaving date for Catherine to be shared in due course,” Auto Trader said in a statement.
Led by CEO Nathan Coe, Manchester-based Auto Trader is the UK’s number one motoring site, offering a digital automotive marketplace for buying and selling new and used vehicles.
Faiers is currently its COO. Prior to this she was COO at Addison Lee, corporate development director at Trainline and a director at Close Brothers Corporate Finance.
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“We are grateful for Catherine’s contribution to Autotrader over the past eight years,” said Coe. “She has demonstrated extraordinary commitment, strong values and a deep care for Auto Trader and its people, customers and shareholders.
“Catherine has been instrumental to many of the changes we have made in the business and will be missed. However, we are in the fortunate position to have a depth of talent at Autotrader enabling us to continue with our existing strategy and plans without interruption. We wish her every success in her new role.”
An independent non-executive director of Allegro.eu Group, at Moonpig Faiers will receive a gross annual salary of £570,000 with a pension allowance equating to 5% of this.
“It has been a privilege and a true career highlight to serve on the board and leadership team of Auto Trader. Being part of the team driving innovation and growth in a business whose data and technology underpin the UK automotive industry has been both inspiring and immensely rewarding,” she said.
“I’m proud to have contributed to shaping Auto Trader’s strategy and growth during this pivotal period. I wish the entire team every success as they continue to lead and transform the industry.”