AA Owner Seeks Strong Replacement For CEO

By Mark Kleinman, City Editor

The AA, Britain's biggest roadside assistance group, has launched a secret hunt for a new chief executive, casting doubt over the future role of Andrew Strong, is long-serving boss.

Sky News understands that Acromas Holdings, which owns both the AA and Saga, the grey market financial services provider, has approached a number of leading businessmen about taking over as chief executive of the AA in the new year.

The change of leadership will come as Acromas embarks on a major restructuring that will see Saga floated on the London Stock Exchange during the course of next year.

The group is expected to retain ownership of the AA for at least two more years, although City observers believe that a separate listing of the breakdown recovery group will be difficult because of a financial mechanism known as a whole business securitisation that was undertaken earlier this year.

Acromas declined to comment on the search for Mr Strong's successor but insisted that he would not be leaving the company altogether. Prior to joining the AA, he ran Saga Insurance.

Earlier this week, it sought to take advantage of strong financing markets by launching a £350m bond, the proceeds of which are expected to be used to repay a chunk of the parent group's vast debt-pile.

Acromas is owned by Charterhouse, CVC Capital and Permira, three of the UK's biggest private equity groups, which acquired the AA from Centrica, the owner of British Gas.

The AA's principal rival, the RAC, is also expected to be the subject of a change of ownership in the next couple of years, with Carlyle, its private equity owner, likely to seek a stock market listing for the company.

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