Bapcor: Management Turmoil Settles as Company Rejects Bain’s Proposal

Management uncertainty at Bapcor has settled with the appointment of Angus McKay. Most recently leading 7-Eleven Australia, McKay is set to take over as Bapcor’s executive chair and CEO on Aug. 22, 2024. The company had fallen into turmoil when prior appointment Paul Dumbrell, poised to take the helm from May 1, 2024, decided not to join at the eleventh hour—with little detail on why. Crucially, despite management turnover, we continue to think Bapcor’s competitive position remains intact. Bapcor’s trade network, which underpins its narrow economic moat, enables it to supply a wider range of often slow-moving parts more quickly and at a lower cost than smaller competitors.