AA Fires Executive Chairman Mackenzie for ‘Gross Misconduct’
- Shares fall as much as 18%, the most in more than a year
- Investor GLG shorting AA with $16.9 million position
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The AA Plc removed executive chairman and director Bob Mackenzie from the company with immediate effect for “gross misconduct.” The shares fell the most in a year.
John Leach, who has been with the AA since June 2014 and was named a senior independent director later that year, will replace Mackenzie as chairman, the firm said in a statement on Tuesday. Simon Breakwell, who joined the AA as a non-executive director in 2014, and set up Uber.com’s European operations, has been appointed acting chief executive officer. He is also a venture partner at investment firm Technology Crossover Ventures LP. Mackenzie was fired for a personal conduct matter, a spokesman for the firm said without elaborating.