Eddie Stobart Logistics (ESL) has announced that Sebastien Desreumaux, who became CEO in August 2019, has resigned from the board of Greenwhitestar Acquisitions (GWSA) – the subsidiary which holds all of the trading entities within the Eddie Stobart Group – and will leave at the end of the month.

A statement from the company said: “The board thanks Sebastien for his exceptional leadership of the company through its recent challenging period.”

ESL now has an indirect 49% interest in the shares of GWSA following the completion of the transaction with private equity firm DBAY Advisors on 10 December.

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The takeover saw the return of William Stobart as the company’s executive chair with day-to-day management responsibility.

Son of Eddie Stobart, he was previously the company’s chief executive but left in 2017 ahead of its float on the stock exchange.

DBAY holds a 51% stake in GWSA and has injected £55m of new financing into the business and its trading entities by way of a payment-in-kind-facility.