Bob Mackenzie, the AA Plc executive chairman dismissed Tuesday for “gross misconduct,” is suffering from a mental-health issue, his son said in a statement.
“My father tendered his resignation this morning and resigned his directorships due to acute ill health, from which he has been suffering symptoms for some time,” Peter Mackenzie said in a statement released Tuesday. “A consultant clinical psychologist advised him last week that he needed to take at least six months’ leave. He is very unwell and has been admitted to hospital.”
The provider of insurance and motorists’ breakdown cover tumbled 14 percent in London trading on Aug. 1 following the announcement of the chairman’s departure. The shares were up 3.3 percent as of 9:45 a.m. on Wednesday at 217 pence, giving the company a market value of 1.3 billion pounds ($1.7 billion).
Mackenzie left the AA with immediate effect for what the company said was a personal conduct matter. It named John Leach to replace him as chairman, while Simon Breakwell was appointed acting chief executive officer.
Mackenzie, 64, led a management buy-in into the firm in 2014 that also included GLG Partners, Invesco Corp. and Henderson Group Plc as part of an initial public offering. He was previously chairman of auto-rental business Northgate Plc and CEO at National Car Parks.
“The family trusts that all parties will act responsibly toward a loyal servant of the company in a manner which reflects the stress he has been suffering,” Peter Mackenzie said in his statement.
Was this article valuable?
Here are more articles you may enjoy.
California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme 
AIG General Insurance Chairman McElroy to Retire May 1 
Coral Gables, Florida Tops Beverly Hills as Ritziest Home Market in US 
Former Congressman Charged After Collision with State Trooper in Florida 
