Stobart Group completes board changes – for now

Carlisle-based aviation and energy infrastructure firm Stobart Group on Monday announced the appointment of David Blackwood as senior independent director (SID) with effect from November 1, 2020.

But Stobart Group also said it has now paused board recruitment due to the coronavirus pandemic.

On October 1 Stobart Group said it continued “to evaluate opportunities to dispose of remaining non-core assets” and said it was “reviewing the strategic options to realise value from Stobart Energy.”

Stobart Group owns and operates London Southend Airport and Carlisle Lake District Airport.

Stobart Group shares have fallen more than 80% over the past 12 months.

“David (Blackwood) joined the board as non-executive director on 1 March 2019,” said Stobart Group.

“He became chair of the audit committee on 23 July 2019 when former SID Andrew Wood stepped down from the board at the conclusion of the 2019 AGM, as previously disclosed. 

“David has extensive experience at senior levels of finance, audit and risk and has also acted as SID at Scapa Group plc and Dignity plc.

“David is currently non-executive chairman of Connect Group plc, the market leader in the distribution of newspapers and magazines in the UK.”

Stobart Group added: “The company announced on 4 June 2020 that it would resume the process to recruit two additional non-executive directors and address the appointment of SID.

“Further to that announcement, Clive Condie was appointed with effect from 1 July 2020.

“However, as the COVID-19 pandemic has evolved in the last few months the board has decided to pause the recruitment of a second non-executive director.”

Stobart Group chairman David Shearer said: “I am delighted to announce the appointment of David Blackwood to the important role of senior independent director.

“David has significant board level experience and has made an invaluable contribution since his appointment.”