RAC is set to be one of the first share market debutants to test the appetite of disgruntled investors this autumn after a radical beefing-up of its board, including the appointment of the City grandee Sir Mike Rake as chairman.
Sir Mike, the deputy chairman of Barclays and president of the CBI, will be confirmed today as chairman of the roadside rescue and insurance group, alongside three other non-executive director appointments.
The appointment of an independent board is seen as one of the final reforms in a process to spruce up RAC before a possible £2 billion flotation, one of the first this autumn after a patchy first half for UK public offerings.
Amid a flood of companies listing in London before the summer break,