Logistics and trucking specialist Eddie Stobart has said goodbye to its chief executive and suspended its shares after delaying the release of its results.
Sky News first revealed that chief executive Alex Laffey was stepping down in the wake of a multimillion pound accounting error that is expected to affect its earnings for the first half of the year.
The developments come six weeks after Eddie Stobart, which specialises in supply chain, transport and logistics, told the City that a review of prior year financial statements meant that profits for last year were £2m lower than announced.
The Warrington-based company said the boss of its iForce division, Sebastien Desreumaux, will take over as interim chief executive and will be appointed to the board in due course.
According to the company, Mr Desreumaux joined Eddie Stobart in 2018 with 20 years of experience at cross-channel logistics operator Norbert Dentressangle.
The company said its half-year results are scheduled to be released on 29 August.
Eddie Stobart is audited by PricewaterhouseCoopers, which recently replaced KPMG.
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The company’s shares have performed dismally since its return to the stock market, slumping by 47% in the last year alone.
They listed at 160p, valuing the company at more than £570m, but are now worth just 71p.
Eddie Stobart is not directly connected to Stobart Group, the listed mini-conglomerate that owns Southend Airport, although the latter does hold an economic interest in the former.
The two companies were previously part of the same ownership structure.
SOURCE : https://news.sky.com/story/shares-in-eddie-stobart-suspended-amid-an-accounting-review-11791755