Xpediator’s Stephen Blyth steps down as CEO
The freight management group said Blyth had agreed to stay on as CEO during the coronavirus crisis despite announcing his intention to step away from the role last summer.
However, given health concerns, the company said Blyth has decided that now is the right time for him to spend more time with his family, this morning’s statement detailed.
Xpediator said a formal process to appoint a new permanent CEO has now commenced while two of the senior management team, Robert Ross and Danor Ionescu, will jointly cover the responsibilities of the position for the time being.
Shares in Xpediator were trading 3.77% lower at 25.5p on Friday morning.
XPD price chartAs non-executive Deputy Chairman, Blyth will also chair a newly formed M&A committee as well as being appointed a member of the audit committee, the group said.
"It has been over 32 years since I started the business,” said Stephen Blyth, “The business has now grown to annualised turnover in excess of £200m and has over 1,000 employees.”
“Working from home over the previous three months due to COVID-19, has reinforced my decision to step down from the day to day responsibilities of CEO,” he explained.
He added, “I very much look forward to remaining on the Board and providing opportunities to help further grow the business through chairing the M&A committee.”
“Stephen has successfully managed the Group through the impact from COVID-19 and the Group is well placed for delivering a good performance for 2020,” said Chairman of Xpediator, Alex Borrelli.
He added, “We have a strong management team in place and it is important that we identify the best candidate for the new CEO through an orderly process to work with our team and lead the Group, which we have now commenced."
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