Published: 00:00, 21 February 2017
| Updated: 10:44, 21 February 2017
A former group managing director of Kwik Fit has been made chairman of a loss-making electronic component distributor.
Anthony Lochery, who has been chairing business to business service and distribution companies for the last 12 years, will take up the non-executive role at APC Technology in Rochester.
The firm, which also runs sustainable technology business Minimise Energy, announced in December it expects to make a loss of £4.6 million for the year to the end of August.
It took a £12.8 million hit on the costs of exiting some parts of its business but said operating profit is likely to reach £300,000, up from a £1.4 million underlying deficit last year.
Mr Lochery, who is known as Tony, has held board positions for the last 30 years and built his own company which he sold to Kwik Fit, where he became group managing director.
After the sale of Kwik Fit to Ford, he became chief executive of City Holdings, a privately-owned facilities management company employing 10,000 people.
He will take the chairmanship of APC at its annual general meeting on Friday, when present chairman Leonard Seelig will retire.
“Having previously worked with Tony, I know that he brings a wealth of experience of operational turnaround, growth and value creation..." - Richard Hodgson, APC Technology
Mr Seelig had a successful career in finance spanning more than 25 years, including senior positions in the US and Europe with America’s largest banks.
He joined APC as non-executive chairman in January 2013 and helped guide the company through a period of losses built up by overstretching itself when it committed huge resources to the installation of LED lighting at supermarket chain Morrisons.
APC chief executive Richard Hodgson said: “I would like to thank Leonard for his support during a period of major change in the group’s structure and strategy and wish him well in pursuing his other interests.
“I am delighted that Tony Lochery is joining the board as our new chairman.
“Having previously worked with Tony, I know that he brings a wealth of experience of operational turnaround, growth and value creation.
“I am confident that he will make a significant contribution in our return to profitable growth.”