LKQ Corp, the owner of Euro Car Parts has confirmed that it has accepted the resignation of Executive Chairman Sukhpal Singh Ahluwalia.
The founder of ECP, known simply by his first name to all in the business, sold the company to the US-based parts giant in 2011, remaining as an Executive Director.
The conformation follows reports that Sukhpal, Martin Gray, Steve Horne and other senior management walked out of ECP last week over the subject of proposed cuts by LKQ.
READ: ANDY HAMILTON SUCCEEDS MARTIN GRAY AS EURO CAR PARTS’ CEO
Sukhpal commented, “ECP has been my life’s work and there will always be a bit of the company in me. I have enjoyed my relationship with LKQ but the time has come for a change so I can devote my full abilities to building the property business with my sons. I am confident in the strategy LKQ has for its European segment and for the next level of growth and operational excellence at ECP.”
Dominick Zarcone, President and Chief Executive Officer of LKQ Corporation, stated, “Sukhpal has been a key partner with LKQ over the past seven years as we have quadrupled the size of our business in the U.K., and he has served as a valued LKQ board member. While we will miss his insights, we respect his desire to spend all his time focused on the family property business and wish him nothing but the best in those endeavours.”
READ: BOARD WALKOUT AT EURO CAR PARTS
This is not the first time that Sukhpal has left ECP while under LKQ ownership. However, he left in 2014 amid rumours that he had fallen out with the parent company and was planning to start a new factor chain to be called APX. These rumours took on substance when a recruitment advert appeared in CAT. Shortly after Sukhpal and several dozen other former Euro Car Parts’ employees agreed to return to ECP under new terms.
Go to comments