Bob Mackenzie has been fired effective immediately as executive chairman and director of the AA due to “gross misconduct” which was not explained further.
According to
Bloomberg, AA shares fell more than 18% in London trading on Tuesday following the announcement. They closed 14% lower.
A company statement said the combined role of executive chairman is being split – with John Leach replacing Mackenzie as chairman, and Simon Breakwell named as acting chief executive officer.
The 64-year-old executive was supposedly fired for a “personal conduct matter,” according to a spokesperson for the AA. His son, on the other hand, cited “acute ill health” and said the elder Mackenzie actually resigned.
“This is an extremely distressing mental health issue,” said Peter Mackenzie, as quoted by a
BBC report. He added that his father has been admitted to hospital.
The AA, which provides insurance and breakdown cover, has more than 15 million members.
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