Turnaround specialist David Shearer, who currently chairs Speedy Hire, will replace Iain Ferguson at the head of the company, which owns Southend and Carlisle airports. He joins on June 1 and will assume his new role at the next AGM.
The former accountant previously chaired infrastructure specialist Mouchel Group and builder Crest Nicholson PLC (LON:CRST) and currently has boardroom roles at Scottish Edge Fund and Aberdeen New Dawn Investment Trust. He plans to step down from Aberdeen in September.
Senior non-exec Andrew Wood, who led the hunt for Ferguson’s successor, will depart at the annual meeting. A successor is yet to be announced.
"Stobart Group is a much-changed business since I joined six years ago, and one that is now very focused and well-positioned to deliver value to shareholders,” said Ferguson.
“Over the last year, we have strengthened the board, adding more expertise, and ensuring shareholders continue to have a strong independent voice.”
The changes come in the wake of a public and protracted legal spat with Stobart’s former chief executive Andrew Tinkler.
As well as owning and managing airports, the company recently took a stake in regional airline Flybe as part of a consortium involving Virgin Atlantic.