Andrew Tinkler is to step down as CEO of Stobart Group after ten years in the role – he will head up a new unit called ‘Stobart Capital’ and continue on as an executive board member.
Warwick Brady, current deputy group CEO, will take over the role as CEO following the Group’s June Annual General Meeting.
Warwick was appointed as deputy group CEO of Stobart Group, which has a 49 per cent stake in Eddie Stobart Logistics, last December, and has previously held the role of COO of easyJet plc.
Stobart Capital, headed up by Tinkler, will be a new, dedicated value creation unit – and will focus on enabling the management teams of the Group’s Energy, Aviation, Rail and Infrastructure operations drive the value of their existing businesses. It is to operate independently of the group – the business said that it will have access to external capital and expertise, but work alongside the Group’s management team.
“The establishment of Stobart Capital will allow us to fully harness our entrepreneurial skills and identify new value creating opportunities,” said Iain Ferguson, chairman. “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.”
Warwick Brady said:
“Overall, after a lot of due diligence and time spent within Stobart Group, I see an opportunity to use the foundations to grow the Group over the next few years.
“We will aim to remain a very entrepreneurial team with Andrew Tinkler supporting as an Executive Director to ensure we do not lose our “founders mentality” of creating value and operating in an agile way. This will ensure that we continue to grow the business to deliver sustainable and progressive returns for shareholders for years to come.”
Stobart Group was founded by Andrew Tinkler, and he has been the CEO since its flotation in 2007.
Stobart Group’s final results marking the year ended 28 February 2017, showed an increase in revenue of 2.1 per cent at £129.4 million in 2017, compared to the previous year at £126.7 million