A BOARDROOM power struggle is understood to have led to the dismissal of Neil Pykett as managing director of Cowie Interleasing, which has a fleet of more than 70,000 vehicles on contract hire and fleet management.

The sudden departure of Pykett, who was a director of the Cowie Group and managing director of its wholly-owned subsidiary Cowie Financial Holdings, which includes Cowie Interleasing, has sent shock waves through the fleet industry.

The Sunderland-based Cowie Group issued a statement to the Stock Exchange on Friday lunchtime which said that Pykett 'had been relieved of his executive duties with the Cowie Group with immediate effect'. It went on to say: 'Last October, Mr Pykett indicated his intention to leave the Group in three years time. This matter is unconnected with the financial performance of the Group.'

The Cowie board has decided that no compensation package will be paid to Pykett, who in 1995 was paid a salary of £160,000 plus bonuses. He was on a three-year contract with the company.