Stobart chief steps down to set up investment arm
Infrastructure giant Stobart Group has announced its chief executive Andrew Tinkler is to step down to launch a new businesses investment arm.
Tinkler will be succeeded by Warwick Brady, who joined Stobart last December and is a former chief operations officer at EasyJet, in a move the group said would offer “further aviation expertise and broader management capability”.
Tinkler will remain an executive board member and drive Stobart Capital, a “value creation unit” that will identify potential acquisitions.
Iain Ferguson, chairman, said: “The establishment of Stobart Capital will allow us to fully harness our entrepreneurial skills and identify new value creating opportunities.”
Stobart Group also announced that interim chief financial officer Mark Adams will step down at the end of May, following six months in the role.
The Carlisle-headquartered business also released its final results, which showed revenues rose by 2.1% to £129.4m for the year to 28 February 2017. Underlying pre-tax profit rose by 49% to £27.4m.
Tinkler said: “This year we have delivered improved underlying profitability across the group and put in place the foundations, management and organisational structure to achieve our objectives.
“We are on track to deliver our strategy by 2018 and drive shareholder value through our three growth operating divisions, whilst generating cash through the exit of our infrastructure and investment portfolios at the right time, allowing increasing returns to shareholders.”
