Well, that was a quick tenure as Executive Chairman… trouble behind the scenes I wonder?
RNS Number : 2338B
Stobart Group Limited
02 April 2013Stobart Group Limited (“Stobart” or the “Group”)
Trading Update and Board Changes
Stobart will announce its results for the year ended 28 February 2013 on 16 May 2013 and expects to report results moderately ahead of market expectations.
The Group is pleased to announce that it has signed a new three year contract with Tesco, which runs until 29 February 2016. This agreement formalises the previous arrangements with Tesco, to whom the Group has been providing both primary and secondary distribution services on a pay as you go basis for the past eight years. Having invested heavily to support Tesco’s drive for an efficient network, the Group currently provides secondary distribution services to nine Tesco Distribution Centres across the UK and the Republic of Ireland.
Against the above trading background, the Board has decided that the role of Executive Chairman is no longer appropriate and Avril Palmer-Baunack will stand down from this role with immediate effect. Avril will remain on the Board as Non-Executive Chairman until a suitable independent Non-Executive Chairman is appointed and it is expected that Avril’s departure will be on or around the release of the Group’s results on 16 May 2013. In addition, Senior Independent Director, Alan Kelsey, has indicated his intention to leave the Board at the same time as Avril. Rodney Baker-Bates, who had previously announced his retirement, has agreed to remain on the board as a Non-Executive Director and to assist until a new chairman is appointed.
Enquiries:
i-nfluence +44 (0)207 287 9610
Stuart Dyble/James Andrew
Lansons Communications +44 (0)7979 692287
Tony Langham tonyl@lansons.com
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