Friday 24 May 2019

Stobart chief financial officer resigns ahead of AGM

Stobart Air operates the Aer Lingus Regional service on a franchise basis
Stobart Air operates the Aer Lingus Regional service on a franchise basis
Ellie Donnelly

Ellie Donnelly

Richard Laycock, the chief financial officer at the UK-based transport and energy Stobart Group, has resigned ahead of the group’s AGM today.

Mr Laycock is also stepping down from his role as executive director on the board, and will not be putting himself forward for election at the AGM.

The company did not provide any reason for his departure.

In a statement this morning Stobart Group said that Mr Laycock "will continue to support the Stobart Group business."

The board said that it has commenced a search to identify a suitable interim replacement for the role and that a further announcement will be made as soon as possible.

Last month the group, which operates the Aer Lingus regional service, sacked former CEO Andrew Tinkler as a director.

In its AGM statement the group said that it remained on track to deliver its medium term objectives of growing its London airport in order to welcome five million passengers a year by 2022, supplying over 3m tonnes of renewable energy fuel per annum by 2022 and realising value through disposal of its non-operating assets to support the dividend.

"Since stepping into my role last year, we have made significant progress across our business divisions, and continue to focus on delivering on our ambition to double the value of the business by 2022," Warwick Brady, CEO of Stobart Group, said.

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