Economy

AA shares plunge as boss is fired for 'gross misconduct'

AA shares plunge as boss is fired for 'gross misconduct'

Mackenzie's role has been split in two with senior independent director John Leach appointed as chairman, while former Uber Europe boss and Expedia founder Simon Breakwell has been appointed acting chief executive.

Mr Mackenzie had led the AA since overseeing a management buy-in of the company in June 2014, which led to its shares being listed on the stock market.

A spokesman said it was a "personal conduct-related matter", but declined to give more information. The arrangement was backed by big City names such as Aviva, BlackRock, Legal & General and legendary stock-picker Neil Woodford.

The Nomination Committee will now accelerate the appointment of a permanent chief executive, the company said.

Prankster Tricked Several White House Officials With Fake Emails
White House press secretary Sarah Huckabee Sanders told CNN they would look into the incident further and took it seriously. The prankster is on Twitter as @SINON-REBORN, where he describes himself as an "email prankster" and "lazy anarchist".

"We do not believe that it is fraud related", Liberum said. "In the annual report, the board had already begun the process of splitting the combined roles of executive chairman".

"Many investors in the AA were backing the executive chairman's experience in restructuring under-invested business", Berenberg analysts said in a note, adding that his departure was unlikely to be taken well.

"This performance reflected both stable retention and continued growth in new business as the benefits of the investment in our modernisation and brand marketing become increasingly evident", said the company.

The company said its performance during the first half of fiscal 2018 has been negatively impacted by erratic work load patterns, which was especially true in June and July with significant spikes in demand.

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Because of this change, each team will have four core uniforms, classified as "editions". The new unis aren't a drastic departure from previous ones.

The AA insisted that it had otherwise enjoyed a "robust" first half, with membership expected to be "marginally" up year-on-year in the first half, at around 3.33 million from 3.32 million last July. Results were also affected by a one-off cost relating to a profit sharing arrangement with a third party for certain products they underwrite, such as breakdown fix cover.

The recognition of revenue for insurance policies underwritten will also be delayed. Its accounting practices mean this revenue is deferred over the life of the policy, which will hit profits.

The board now expects its performance for the year ended January 31, 2018 to be broadly in line with last year.

AA clarified that Martin Clarke remains in his role as chief financial officer.

178 migrants rescued in abandoned trailer in Mexico
Veracruz and the surrounding area has become one of the most unsafe regions for undocumented migrants making their way to the US. More and more accounts have been coming to light of Central Americans being trafficked into the U.S. and narrowly escaping death.


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