David Sena to become 2 Cheap Cars CEO

2 Cheap Cars founder and majority shareholder, David Sena, will take over as chief executive officer of the company from June 1.

The resignation of current CEO, Paul Millward, was announced today.

Sena's appointment comes after he and his family trust increased their shareholding to about 76% at the September 2023 annual shareholder meeting.

2 Cheap Cars chair, Michael Stiassny, said it was logical for Sena to step into the CEO role given his significant shareholding.

Millward, who joined the company in January 2023, was credited with resetting the business' foundations and achieving record profits.

The automotive group, operating under the "2 Cheap Cars" brand, is vertically integrated and has 12 dealerships across New Zealand.