Andrew Tinkler has stepped down as CEO of Stobart Group, the business he has headed since it listed on the stock market in 2007.
During his tenure, Tinkler, who retains a place on the business’s executive board, has divested several business units including automotive and the transport arm of the group, Eddie Stobart Logistics.
He has also faced boardroom battles and made difficult decisions concerning its chilled business.
Tinkler will now head the newly formed investment company, Stobart Capital. It was described in a statement issued today as a business that will “operate independently of Stobart Group, with access to external capital and expertise, but working closely with the group's management team.
“Investment opportunities will be presented to a new value creation board, a subcommittee of the Stobart Group board, for evaluation.”
Tinkler is succeeded by Warwick Brady, the ex-COO of EasyJet, who joined Stobart Group as deputy CEO in January this year.
Iain Ferguson, chairman of Stobart Group, said: "The establishment of Stobart Capital will allow us to fully harness our entrepreneurial skills and identify new value-creating opportunities.
“I would like to thank Andrew for his unique and tireless contribution to the Group over the past 10 years, and I look forward to working with Andrew and Warwick in their new roles.”
Stobart Group also confirmed it made £113.3m after reducing its stake in Eddie Stobart Logistics from 49% to 12.5%.
Its 12.5% share in the newly listed Eddie Stobart Logistics was worth £71.5m at the point of admission last month.
Ahead of Eddie Stobart Logistics rejoining the stock market, William Stobart stepped down as a director.
