Bapcor Limited (ASX:BAP), an ASX-listed leader in the automotive aftermarket industry, is undergoing significant changes under its new Executive Chair and CEO, Angus McKay, who stepped into the role eight weeks ago. The CEO emphasised the company’s robust position, stating, “Bapcor is a strong and well-positioned business in the resilient auto aftermarket industry. I believe it has enormous potential.”
Despite a statutory loss of $158.3 million reported for FY2024, Bapcor’s revenue grew 0.8% year-on-year to $2 billion. The company is implementing several strategic initiatives, including a rationalisation of its distribution network, aimed at improving efficiency and cutting costs by an estimated $20 to $30 million in FY2025.
Bapcor has also faced challenges with its Better Than Before transformation program, which has been scaled back due to complexity arising from past acquisitions. As part of its commitment to governance, the company appointed Mark Powell as Lead Independent Director.
Looking forward, the leadership team is focusing on simplifying operations and enhancing customer service.