Stobart Group’s executive chairman Avril Palmer-Baunack is leaving the logistics giant less than three months after taking on the job.
Palmer-Baunack was appointed to the role in January following a boardroom shake-up led by shareholders, who demanded an executive chairman. She stepped up from the role of group executive director and deputy chief executive, having joined in September last year following Stobart Group’s acquisition of Autologic.
At the time of her appointment, CEO Andrew Tinkler said: “To meet the challenges and opportunities within our strategy, the board now believes it is appropriate that Stobart is headed by an executive chairman. In the relatively short time that she has been with the group, Avril has demonstrated to the board that she is the right person to carry out this demanding role.”
But in a statement released this week, the company said the role of executive chairman was “no longer appropriate”.
The statement added Palmer-Baunack would step down with immediate effect but would stay with Stobart as non-executive chairman until a “suitable independent” non-exec chairman could be found. She is expected to leave “on or around” 16 May when the company releases its full-year results.
Stobart Group also revealed that senior independent director Alan Kelsey would leave the company at the same time as Palmer-Baunack. Non-exec Rodney Baker-Bates, who was due to retire, will now stay on as a non-exec until a new chairman is appointed.