Bill Lay is set to exit motor firm CMC Holdings on April 30, 2013. Photo/FILE
Bill Lay, the chief executive of troubled motor firm CMC Holdings, will exit from the company on April 30 and has in the meantime gone on leave.
His appointment in May 2011 sparked a shareholder war that caused the ouster of a number of directors and strained the company’s dealings with key suppliers.
Sources familiar with the matter said Mr Lay departed as part of efforts to reconcile the company’s top shareholders whose differences have hurt the company’s performance.
“That CMC Holdings and William Lay have agreed by mutual consent that he (William Lay) retires from his position as CMC Holdings group managing director with effect from April 30, 2013,” the company said in a disclosure to the Capital Markets Authority.
