PRESS: Carlyle Bolsters RAC Board Ahead Of Potential IPO - Daily Telegraph
(Alliance News Via Acquire Media NewsEdge) LONDON (Alliance News) - Carlyle Group, the private equity company mulling an initial public offering for RAC, has bolstered the motor rescue service's board ahead of the possible flotation, including making former Barclays and BT board member Sir Mike Rake its new chairman, the Daily Telegraph reports Monday.
Rake, chairman of BT for the past seven years and deputy chairman at Barclays, will be joined on the board by three new non-executive directors, David Lowden, Peter Plumb and Cilla Snowball. The current chairman, Rob Templeman, is to remain on the board as a non-executive, the newspaper says.
The paper separately reported that RAC is hoping to cash in on its base of loyal motoring members by including a retail offering in its IPO, which could be valued at GBP2 billion. RAC has 8.2 million total members, with 6 million having bought policies directly from it, the paper said.
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