CVC hires AA head

The former chief executive of UK motoring group AA Tim Parker has joined the European buyout firm, where he has worked on two highly profitable deals earning him the nickname “the Prince of Darkness”.

European buyout firm CVC Capital Partners has recruited as an industrial partner Tim Parker, the buyout firm’s former chief executive at motoring company the AA, according to its spokeswoman.

Parker was parachuted into the AA after CVC and Permira bought the business in 2004. He left the company when it was merged with Charterhouse Capital Partners-owned travel and insurance group Saga in July last year.

His controversial stewardship at the AA was beset by protests from the GMB union, which specifically targeted job losses at the company. The number of people the AA employed decreased by 4200 during the two buyout firms’ ownership.

The AA’s value increased from £1.75 billion ($3.53 billion; €2.29 billion) to £3.35 billion in the three years.

Parker also worked for CVC as chief executive at Kwik-Fit, which increased in value from £330 million to £800 million between 2002 to 2005. 

His intent focus on operational efficiency has earned the nickname “the Prince of Darkness”, according to UK newspaper Financial Times.

Parker also worked as chief executive at UK shoe company Clarks and is on the board of PBL Media, which CVC acquired from Australian media mogul James Packer last year.

Parker also chairs the Sub-Saharan firm Emerging Africa Infrastructure Fund, and is on the advisory board of the Reform think tank, a governor of UK public school Bedale and a director of catering company Compass Group.