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John Menzies chair Dermot Smurfit steps down

"I have greatly enjoyed my time with Menzies during which we have delivered on a number of key corporate and financial objectives,” Smurfit said.

plane being serviced by Menzies
Philipp Joeinig takes over as chairman

John Menzies Plc (LON:MNZS) told investors that Dr Dermot Smurfit intends to step down from his position as chairman.

As a result he will now be succeeded by current non-executive director Philipp Joeinig. The change will take immediate effect.

READ: Berenberg reiterates John Menzies ‘buy’ despite profit warning

It comes after Menzies transitioned into a ‘pure-play’ aviation services business, following a 2016 acquisition of ASIG and the exit from the print media logistics sector.

"I have greatly enjoyed my time with Menzies during which we have delivered on a number of key corporate and financial objectives,” Smurfit said in a statement.

He added that the company now needs an industry specialist.

Joeining, meanwhile, said: “I am very honoured to have been appointed to succeed Dr Smurfit as chairman of John Menzies plc.

“I believe the group has a very exciting future and I look forward to working with the board and the management team as we look to progressively grow the business and deliver returns to our shareholders."

Quick facts: John Menzies

Price: 413.5 GBX

LSE:MNZS
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Market Cap: £348.46 m
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