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Northgate chief executive steps down

Date: 07 April 2010

Northgate's chief executive Steve Smith will step down from his role immediately, ending his tenure three months earlier than planned.

Smith had planned to step down in August last year, but deferred his departure until June 2010 while the group underwent a debt refinancing as well as a placing and rights issue, reported Financial Times.

Smith will be replaced by Paul Tallentire, deputy chief executive.

Bob Mackenzie, chairman, said: "Steve Smith has been an integral part of the group for over two decades, including 10 years as chief executive ... and we are very grateful to him for agreeing to stay on over a challenging period for Northgate.

"During his career at Northgate, the rental fleet has increased from 2,500 vehicles, located mainly in the north-east of England, to about 109,000, spread across the UK and Spain."

Mackenzie said Tallentire would now be concentrating on a re-organisation of Northgate's UK operations, including a new IT project, cost saving initiatives, and greater focus on sales to small-and-medium-sized businesses.

Smith aims to build a portfolio of non-executive positions.

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