Bapcor Cuts CEO Pay by 20% as Edwards Takes Chair Role

Leadership Reshuffle at Bapcor

Bapcor Limited, a key player in the automotive retail and services sector, has announced a significant reorganisation of its Board and executive leadership effective 24 November 2025. Lachlan Edwards, who joined the Board just last October, has been elevated to the role of Independent Non-Executive Chair. This move signals a strategic shift in governance aimed at supporting the company’s turnaround efforts.

Alongside Edwards’ appointment, Kate Spargo, a Melbourne-based Independent Non-Executive Director, has been promoted to the newly created position of Deputy Chair. This addition to the leadership structure suggests a focus on strengthening oversight and continuity at the Board level.

Angus McKay’s Refocused Role

Perhaps the most notable change is Angus McKay stepping down from his Board position while retaining his role as Chief Executive Officer. This adjustment allows McKay to dedicate his full attention to accelerating Bapcor’s business turnaround, a priority underscored by the company’s five-year strategy announced earlier this year. The Board’s decision to relieve McKay of governance duties reflects confidence in his operational leadership while ensuring the Board can provide robust independent oversight.

McKay’s service agreement has been revised to reflect his narrowed focus. His total fixed remuneration has been reduced from $1.9 million to $1.525 million annually, with corresponding adjustments to his long-term incentive performance rights. Notably, certain change-of-control entitlements have been removed, aligning his incentives more closely with ongoing company performance rather than transactional events.

Governance and Remuneration Updates

With these changes, the role of Lead Independent Director, previously held by Mark Powell, has been discontinued. Powell has retired from that position but remains on the Board as an Independent Non-Executive Director, maintaining his involvement in guiding the company’s strategic direction.

Director remuneration has also been updated to reflect the new roles. Edwards will receive $375,000 per annum inclusive of superannuation as Chair, while Spargo’s Deputy Chair role carries an additional $30,000 per annum on top of her existing fees. These adjustments underscore the Board’s commitment to aligning compensation with responsibilities.

Looking Ahead

Edwards brings a wealth of experience from his extensive career in corporate advisory and turnaround management, including senior roles at Lazard Australia and Goldman Sachs. His leadership is expected to bolster Bapcor’s governance framework as the company navigates its strategic transformation. Meanwhile, McKay’s renewed focus on operational leadership aims to drive performance improvements and sustainable growth.

Investors will be watching closely to see how these governance and leadership changes translate into tangible business outcomes in the coming months, particularly as Bapcor executes its five-year plan.