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2 Cheap Cars’ CEO quits

David Sena, company’s majority shareholder, set to take over top role from Paul Millward.
Posted on 22 April, 2024
2 Cheap Cars’ CEO quits

2 Cheap Cars has announced the resignation of chief executive officer Paul Millward, pictured, with founder and majority shareholder David Sena taking over as CEO from June 1.

It was at the company’s annual meeting in September 2023 that shareholders voted in favour of a transaction that saw Sena and his family trust increase its holding to about 76 per cent.

Chairman Michael Stiassny notes that with such a significant shareholding, it was logical that Sena would eventually step into the CEO role.

“David is deeply invested in this business, seeing the share price perform and dividends delivered,” says Stiassny. “He has already played a vital role in transforming the business and increasing profitability through his focus on operations.”

Millward joined 2 Cheap Cars in January 2023 and in less than 18 months has “fundamentally reset” the foundations of the business.

“I cannot overstate the tremendous contribution Paul has made to 2CC,” adds Stiassny. “Under his leadership, the business has achieved record profits, reinstated dividend payments and was 2023’s top performer on the NZX. These are phenomenal results, even more so because it was his first CEO role.

“Paul has a great leadership career ahead of him and I have no doubt he will excel in the future. He leaves with our sincere thanks and best wishes.”