(IMAGE SOURCE: Motor Transport)
Stobart Group Limited has provided the following Board update and announces the establishment of Stobart Capital.
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.
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.”