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AA fires executive chairman for gross misconduct

Reuters - UK Focus

LONDON, Aug 1 (Reuters) - Roadside recovery service AA has fired Executive Chairman Bob Mackenzie for gross misconduct, the firm said on Tuesday, sending its shares down more than 9 percent.

"Bob Mackenzie has been removed by the Board from his role as Executive Chairman, from his other roles and as a Director and as an employee of the Company, for gross misconduct, with immediate effect," AA (Frankfurt: A116XA - news) said in a statement.

Mackenzie became AA's executive chairman in 2014 after leading a management buy-in of the company, backed by institutional investors.

Non-Executive Director John Leach has been appointed as chairman and fellow Non-Executive Director Simon Breakwell has been appointed as acting chief executive, AA said.

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AA also said financial performance in the first six months of the firm's financial year "has been negatively impacted by the effect of erratic work load patterns on an inherently fixed cost base".

"We now expect the full-year performance to be broadly in line with that of the last financial year," it said. (Reporting by Carolyn Cohn; editing by Simon Jessop)