AFR has started to dig:1st article:Bapcor chairman Margie...

AFR has started to dig:
1st article:
Bapcor chairman Margie Haseltine said there had been a “marked deterioration” in relations between the Bapcor board and Mr Abotomey in the past few days following his retirement announcement on November 23, which made it impossible to keep him running the company until then.

Bapcor has rapidly installed Noel Meehan, the company’s chief financial officer as acting chief executive. Mr Meehan is a former chief financial officer of Penfolds owner Treasury Wine Estates and chemicals group Orica.

That is because the previously anointed temporary chief executive who was to have started on February 28, Bapcor director Mark Powell, isn’t available to take the acting chief executive’s seat because of the rapid deterioration. Ms Haseltine will expand her duties in the short-term and become Executive Chair.

Bapcor has a workforce of 5000 and more than 1000 outlets across the group. When Mr Abotomey started in 2011, there were about 1000 employees across 92 outlets. Many investors were strong backers of Mr Abotomey’s robust and straight-talking approach which had delivered strong investment returns over many years.

Some investors were puzzled on November 23 because the original exit announcement came nine months after Ms Haseltine said to the ASX on February 22 she was “delighted” that Mr Abotomey had agreed to extend his tenure until October 31, 2023, and had a clear five-year strategic growth plan with specific targets which would be brought to fruition during his remaining tenure.