Stobart chair Palmer-Baunack to stand down

STOBART Group’s executive chairman Avril Palmer-Baunack has stepped down after two months in the job.

The Warrington-based group said the role was “no longer appropriate” and it was now looking for a non-exec chairman.

Ms Palmer-Baunack will continue in that role until a replacement is found.

She was appointed in January, stepping up from deputy chief executive to replace Rodney Baker-Bates. The group was criticised at the time because the corporate governance code states there should be a “clear division of responsibilities” between those running the company and those in charge of the board.

Ms Palmer-Baunack is expected to leave in May along with senior independent director, Alan Kelsey. Mr Baker-Bates will now stay on the board as a non-exec until a new chairman is appointed.

In a trading update the company said it expects to report results “moderately ahead of market expectations” for the year to February 28.
 
The group has also signed a three-year contract with Tesco, which runs until 29 February, 2016.