Sukhpal Singh Ahluwalia and Martin Gray have reportedly quit Euro Car Parts amid concerns that parent company LKQ is planning to axe hundreds of jobs. CFO Steve Horne has also reportedly left his post.
Sources close to CAT suggested that 400 jobs are to be axed. The news comes just days after LKQ announced the appointment of Ard Franz as COO of LKQ Europe.
In October we spoke to Mr. Ahluwalia and Mr. Gray about the future of the business, particularly now its main competitors are no longer local independent factor groups, but are other similar stock-market listed businesses with North American parent companies.
NASDAQ-listed LKQ’s share prices have dropped significantly compared with the previous period.
Gray, Ahluwalia and LKQ have been contacted for comment.
More on this breaking story as it develops