Haulier does U-turn over new chairman
Published 03/04/2013 | 04:20
Just three months after a boardroom coup saw Stobart Group claim it needed an executive chairman, the haulier has said that role was "no longer appropriate" and the woman in the post would vacate it immediately.
The company, famous for its red-and-green Eddie Stobart lorries, promoted Avril Palmer-Baunack from deputy CEO to executive chairman in January, as part of a boardroom shake-up backed by shareholders that saw chairman Rodney Baker-Bates booted out, and Palmer-Baunack give the task of selling off underperforming parts of the business.
But Stobart was kicked out of the FTSE 250 last month, after its share price lost more than a quarter of its value in 12 months, and said: "The role of executive chairman is no longer appropriate and Avril Palmer-Baunack will stand down with immediate effect."
Independent director Alan Kelsey will also depart, while Baker-Bates, who had announced his retirement, will stay until a new chairman is appointed.