Directorate Change

RNS Number : 3841O

Esken Limited

09 February 2021

 

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.

9 February 2021

Esken Limited

("Esken" or "the Company")

Directorate changes

Esken Limited, the aviation and energy infrastructure group, announces that Warwick Brady has tendered his resignation as Chief Executive and has accepted an offer to become Chief Executive of Swissport, a global aviation services business. It has been agreed with the Board that Warwick will remain as Chief Executive of Esken until the end of June at the latest. This will provide sufficient time to ensure continuity and a smooth transition in leadership. He will not be entitled to any payments other than his contractual entitlements for the period up to his leaving date.

David Shearer will assume the role of Executive Chairman on an interim basis with immediate effect. His initial priority will be to review Esken's strategic options as the Company navigates the continuing impact of the COVID-19 pandemic. As part of that exercise he will determine the leadership requirements for a new CEO to implement that strategy.  

Esken owns two attractive core businesses; Stobart Energy, which supplies biomass fuel to renewable energy plants and London Southend Airport. Both businesses have the potential to generate significant value for shareholders in a post COVID world.

Executive Chairman David Shearer said, "I would like to thank Warwick for all of his efforts during his time as Chief Executive. He has led the transformation of Esken into an operationally focused business and was instrumental in establishing London Southend Airport as a key London Airport asset. In the last 12 months, he has dealt with the challenges which the business has experienced due to the COVID-19 pandemic. The board wishes him well in his new role.

All of Esken's businesses benefit from strong experienced operational management teams with the capabilities required to take the business forward. I look forward to working with Lewis Girdwood, Nick Dilworth and all of our people and stakeholders as we navigate the recovery into the post COVID period."

Chief Executive Warwick Brady added, "It has been a privilege to lead this business over the past four years. I am grateful for the support of my highly dedicated and professional colleagues. Esken is a strong company with great people and I wish David and the team every success."

 The Group will announce a trading update for the year ending February 2021 in March.

Enquiries:

Esken Limited Charlie Geller, Communications Director C/O Tulchan Communications
Tulchan Communications  Olivia Peters/David Allchurch	020 7353 4200 [e-mail]

 

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