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Stobart’s executive chairman Palmer-Baunack to go as operator reveals Tesco deal

  • 02 April 2013
  • By Christopher Walton

Avril Palmer-Baunack is to stand down from her role as executive chairman Stobart Group less than three months after being appointed.

Stobart said that the job of executive chairman was “no longer appropriate” – despite claiming on 21 January that Stobart needed an executive chairman to “meet the challenges and opportunities within our strategy”.

Palmer-Baunack will remain on the board of directors at Stobart as a non-executive chairman until a “suitable independent” is found for the role – expected to be on or around the release of the group’s year-end results on 16 May.

The outgoing Rodney Baker-Bates, who announced his retirement at the same time Palmer-Baunack was promoted from her perious role as deputy chief-executive, is to stay on until her replacement has been found.

At the same time Stobart has signed a new three-year contract with Tesco, which runs until 29 February 2016, formalising its role as primary and secondary distribution service provider.

It has worked with Tesco on a “pay as you go” basis for the past eight years. It currently provides secondary distribution to nine Tesco distribution centres in the UK and one in the Republic of Ireland.

The latest news caps a tough start to the year for Stobart.

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Article source: http://www.commercialmotor.com:80/latest-news/stobart-s-executive-chairman-palmer-baunack-to-go-as-operator-reveals-tesco-deal