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Stobart Group Ltd

Stobart Group names executive with significant airlines experience as its chief financial officer from 1 April

Lewis Girdwood has served as chief financial officer since 2017 of IAG Cargo, which provides global cargo services to British Airways, Iberia, Aer Lingus and other IAG-owned airlines

New appointment
Prior to joining IAG, Girdwood was head of financial planning and analysis at easyJet

Stobart Group PLC (LON:STOB) has named an executive with significant airlines experience as its chief financial officer with effect from 1 April 2019.

The FTSE 250-listed aviation, energy and civil engineering group said the appointee, Lewis Girdwood, has served as the chief financial officer since 2017 of IAG Cargo, which provides global cargo services to British Airways, Iberia, Aer Lingus and other airlines owned by International Consolidated Airlines Group PLC (LON:IAG).

READ: Stobart to ramp up investment at London Southend airport

Prior to joining IAG, the firm added, Girdwood was head of financial planning and analysis at easyJet PLC (LON:EZJ), responsible for financial business partnering across the airline.

The company said that following Girdwood’s appointment, Michael Williamson will step down from his position as its interim chief financial officer following a short handover.

Warwick Brady, Stobart’s chief executive officer commented: "I am delighted that Lewis is joining Stobart Group. He will bring a wealth of relevant experience as we continue to implement our ambitious growth plans and provide the framework to deliver the Company's strategy.”

Brady added: "I also want to thank Michael Williamson for his support over the last six months, during which time we have reported growth in our operating divisions, secured new debt facilities and successfully bid for the assets of Flybe."

In February, Stobart Group – which runs London Southend airport - completed the sale of its own-branded regional airline to Connect Airways, a joint venture it set up with Virgin Atlantic to acquire cash-strapped Flybe Group PLC’s (LON:FLYB) main trading assets.

Connect Airways, which also has New York-based hedge fund Cyrus Capital as a partner, paid £40mln to acquire Stobart Air, as well as Propius – Stobart’s aircraft leasing business.

Cyrus is the lead partner in Connect with a 40% stake, and the US hedge fund has also taken a 4.65% interest in Stobart after agreeing to invest £24.7mln in the group. Stobart and Virgin each have a 30% interest in Connect.

Quick facts: Stobart Group Ltd

Price: £1.11

Market: LSE
Market Cap: £413.1 m
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