TIDMSTOB
RNS Number : 8015E
Stobart Group Limited
11 May 2017
11 May 2017
Stobart Group Limited
("Stobart Group", "Stobart" or the "Group")
Board Update and Establishment of Stobart Capital
Stobart Group Limited, the support services and infrastructure
group, today provides the following Board update and announces the
establishment of Stobart Capital.
Highlights
-- Warwick Brady to join the Board and be appointed as the Group's CEO following June's AGM
-- Andrew Tinkler to continue as an Executive Board member,
giving the Board continued access to his input at Group level
-- Establishment of Stobart Capital, a new value creation unit, to be headed by Andrew Tinkler
-- The creation of Stobart Capital will enable the management
teams of the Group's core Energy, Aviation, Rail and Infrastructure
operations to focus on driving the value of their existing
businesses
-- Stobart Capital will operate independently of the Group and
have access to external capital and expertise
Board Update
Andrew Tinkler founded Stobart Group, and has been the CEO since
its flotation in 2007. During this time, he has been an
entrepreneurial driving force, initially transforming the fortunes
of the Eddie Stobart business and then setting the strategy of the
Group today, which includes the fast-growing Energy and Aviation
businesses. He has also overseen the value improvement and
realisation of the Group's property portfolio, delivering
consistent returns to shareholders.
It has been Andrew's intention for some time to identify the
right management team to take the existing operating businesses to
the next level and to allow him to focus on his strengths and seek
out new entrepreneurial initiatives.
As part of this process, Andrew identified Warwick Brady as a
suitable and highly qualified successor. As such, in December 2016,
we announced that Warwick would be joining as Deputy Group CEO,
having previously acted as COO of easyJet plc. Warwick's
appointment provided the Group with further aviation expertise and
broader management capability. Also, earlier in July 2016, we
announced that Ben Whawell was to step down from the Board and
become the CEO of Stobart's Energy division, providing strong,
experienced and dedicated leadership at a very important phase of
its development. These appointments meant that the Group has strong
leadership in place in key positions, and allowed the Board to
further develop plans for succession and long term value
creation.
Andrew Tinkler, in coordination with the Board, believes that
now is the right time to move to the next stage of the long term
plan. As such, Stobart Group is pleased to announce that Warwick
will join the Board and be appointed as the Group's CEO following
June's AGM.
Andrew will continue as an Executive Board member, giving the
Board continued access to his input at Group level. He will also
Chair a newly formed independent business, Stobart Capital, which
will aim to deliver value creation opportunities, both to the
Group, and to other investors.
Richard Butcher, Executive Director and CEO of Stobart
Infrastructure, will not offer himself for re-election and will
step down from the Board at the AGM. Richard's role has evolved as
the number of properties remaining in the Group portfolio has
reduced. He will continue to manage the portfolio and implement the
Group's realisation strategy in his role as CEO of Stobart
Infrastructure.
Mark Adams was appointed as interim CFO in November 2016 and has
assisted the Group through the extension of the bank facility, the
acquisitions of the airline and Propius, and the sale and leaseback
of the Propius aircraft post year end. With these transactions now
complete, Mark will step down from his position at 31 May 2017 and
we will make a further announcement regarding the leadership of the
finance function in due course.
Stobart Capital
Stobart Group has a strong track record of entrepreneurialism,
growth and investment. The Group has decided to formally bring this
expertise together within a new dedicated value creation unit, to
be headed by Andrew Tinkler and supported by Ian Soanes, a
long-standing advisor to the Group. This will enable the management
teams of the Group's core Energy, Aviation, Rail and Infrastructure
operations to focus on driving the value of their existing
businesses.
Stobart Capital will operate independently of the Group, with
access to external capital and expertise, but working closely with
the Group's management team. Investment opportunities will be
presented to a new Value Creation Board, a sub-committee of the
Stobart Group Board, for evaluation.
Chairman, Iain Ferguson commented:
"The establishment of Stobart Capital will allow us to fully
harness our entrepreneurial skills and identify new value creating
opportunities. I would like to thank Andrew for his unique and
tireless contribution to the Group over the past ten years, and I
look forward to working with Andrew and Warwick in their new roles.
I would also like to thank Richard for his valued contribution to
the Group over many years and Mark for his work as interim CFO over
recent months."
Enquiries:
Stobart Group c/o Redleaf Communications
Iain Ferguson, Chairman
Redleaf Communications +44 20 7382 4730
Charlie Geller Stobart@redleafpr.com
Elise Palmer
Sam Modlin
Influence Associates +44 20 7287 9610
Stuart Dyble
James Andrew
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Notes to Editor:
Stobart is an entrepreneurial support services and
infrastructure business deriving income from energy, aviation,
civil engineering and investments. The Group has a strong heritage
in logistics, systems and a customer focus that continues to
support all of our divisions. The Group's strategy is to drive
growth and profitability in its core Energy, Aviation and Rail
Divisions whilst realising value for shareholders from its
Infrastructure and Investments Divisions.
This information is provided by RNS
The company news service from the London Stock Exchange
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