Stobart exec chairman to step down

FREIGHT firm Stobart Group this morning said it was axing its executive chairman position, as it said it would report full-year results ahead of market expectations.

Stobart said that the role of executive chairman was “no longer appropriate”, and Avril Palmer-Baunack would step down with immediate effect but would remain on the board as non-executive chairman.

Stobart warned in January that full-year operating performance would be slightly below market expectations as its transport and distribution business, which accounts for about 90 per cent of overall revenue, continued to function in an uncertain environment.

This morning it said its results would come in moderately ahead of market forecasts, sending its shares up in early trading.

In addition, the haulage company said this morning it had signed a new three-year distribution deal with Tesco, which will run until February 2016.