Crash repairer AMA Group says its Chairman Anthony Day has retired effective today after nearly five years on the board and CEO Carl Bizon will leave his role at the annual general meeting on November 23.

The company, which yesterday entered a trading halt pending a capital raising announcement, also said Audit and Risk Committee Chairman and non-executive director Paul Ruiz has retired.

“This transition follows an incredibly challenging few years for both the collision repair industry and the group,” AMA said in a statement. “Over this period, the group has undertaken huge transformation, which has driven a significant improvement in governance and the professionalism of the group.”

The company says the board announcements are consistent with its succession planning and personnel changes are unrelated to work that is ongoing around the proposed equity capital raising.

AMA two weeks ago warned of impacts from “a more modest outcome” than expected for a Capital Smart repricing agreement with Suncorp, a more conservative outlook for AMA Collision and a slower than forecast ramp-up in ACM Parts.

Guidance for normalised earnings before interest, tax, depreciation and amortisation (EBITDA) for this financial year was cut to $86-96 million, compared to February guidance of $120-140 million.

AMA says independent non-executive director Caroline Waldron, who joined the board on March 1 last year, has stepped into the role of chairman, Talbot Babineau has been appointed Deputy Chair and Simon Moore has become Audit and Risk Committee chairman.

“Anthony’s extensive knowledge of the insurance sector and his dedication to governance have laid the foundations for the group’s success,” Ms Waldron said.

“It is a privilege to succeed Anthony, and I express my gratitude for his calm leadership of the board and group. Anthony will be focusing his energies on his other business interests, and we wish him all the best in these endeavours.”

The board says it will undertake a formal search process for a new CEO, with both internal and external candidates considered, and will update the market in due course.

Mr Bizon became CEO on February 1 2021 after serving as a non-executive director for the previous two years.

“Carl agreed to take on the role of CEO under challenging circumstances, and his stoicism and continued dedication through what has been an incredibly difficult two and a half years has been nothing short of exemplary and I thank him for all he’s done for the business,” Mr Day said.

The ASX advised this morning that AMA Group shares had been suspended from quotation “for not lodging the relevant periodic report by the due date”.

The company has not yet released its results for the financial year ending June 30.