The boss of roadside recovery firm the AA is stepping down after four years amid a changeover at the top following the group’s £2.8 billion takeover.
Chief executive Simon Breakwell is set to leave the role to become deputy chairman at the group, just a week after its sale to private equity backers TowerBrook Capital and Warburg Pincus completed.
He will be succeeded by former Lloyds Banking Group senior executive Jakob Pfaudler, once the move is approved by regulators and following a handover, according to the AA.
It said Mr Breakwell wanted to switch to a non-executive role after seven years with the group, including four years as chief executive.
The move marks a clean sweep at the top, following the departure of former chairman John Leach, who oversaw the group’s sale.
Mr Leach was replaced earlier this month by former Invensys boss Rick Haythornthwaite, who is also chairman elect of Ocado.
Mr Haythornthwaite said: “Simon has been a consummate CEO and role model, and we are grateful to him for his significant contribution.
“We respect his decision to move into a non-executive role as we close one chapter as a publicly listed company and open another.”
He added he would work with incoming boss Mr Pfaudler to “breathe new life into the brand”.
New owners TowerBrook and Warburg have pledged to invest £380 million in paying down the group’s huge debts, racked up by former owners, which placed the business in a disastrous stock market listing six years ago.
The stock first traded in 2014 at 250p, but the firm was sold for a fraction of this – at 35p a share.