Eddie Stobart Logistics suspends shares as CEO steps down

Eddie Stobart Logistics (ESL) has applied for its shares to be suspended from AIM trading after it failed to publish its half-year results in time.

The company has also announced that CEO Alex Laffey is to step down with immediate effect.

It is understood that Sebastien Desreumaux, currently CEO of iForce and head of Contract Logistics at Eddie Stobart, has been promoted to group CEO and will join the logistics firm's board "in due course".

In July, ESL cut its adjusted earnings before interest and taxation forecast by £2m. Revenue is still expected to align with expectations but shares in the company have slumped since it was floated on AIM last year.

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The suspension is "pending clarification of the impact" of its new revenue recognition approach.

The company added that it would now publish the results in early September and announced a review of its dividend policy.

ESL suffered a high-profile loss at the start of the year when Wincanton and several regional hauliers replaced it on a major Aggregate Industries deal.