Mouchel Group, the distressed public sector consultancy, has appointed a new chairman as it seeks to recover from a dreadful year in which the stock price fell by 90%. David Shearer will take up his appointment on 9 January 2012 at which time Sir Michael Lyons, Interim Chairman, will return to his role as Senior Independent Director.
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David will be the fourth chairman of the company in less than three months.
Currently the deputy chairman at New Dawn Investment Trust and a non-executive director at several other firms, he is described by Mouchel as a "turnaround specialist".
His track record includes the restructuring of Crest Nicholson in 2009 as chairman and of City Inn in 2011 as chief strategic adviser. As if to welcome his appointment, shares in the company rose by 11% in the morning of the day that the news was announced.
Sir Michael Lyons commented on this appointment:
"I am delighted to welcome David Shearer to Mouchel as Chairman. David's extensive experience of turnaround and capital restructuring situations was a key factor in his appointment and his appointment is good news for everyone who has an interest in the early recovery of Mouchel. I am confident David will work well with the Board and with the new executive team of Grant Rumbles and Rod Harris."
Separately Debbie Hewitt is to step down as Mouchel non-executive director to concentrate on her other business roles, including the chair of Moss Bros. She will leave at the conclusion of Mouchel's AGM on 20 January 2012.