Paul Dollman to concentrate on portfolio career
Paul Dollman, the group finance director of aviation services and newspaper and magazine distribution group John Menzies is stepping down in May it has announced.
Non-executive director, Ian Harrison who has been on the Board since 1987 is also not seeking re-election to the board.
Dollman, 56, who joined the
He said he now intends to concentrate on building a portfolio career.
Chairman Iain Napier said Dollman had done an outstanding job for John Menzies plc over the last 10 years.
“He has been an integral part of the executive team and has played a key role in the success of the Group. A full search process is underway and we will make a further announcement at the appropriate time.”
In a trading update the company also announced that its Aviation arm is closing its cargo handling operations at
This will result in an exceptional charge of £7m in 2012 but will improve EBIT in 2013 by around £1.4m.
The group said that following a series of restructuring actions across both divisions, the full year exceptional charge will be in the region of £18m.
The group said its actions would leave it in a stronger position with a more stable platform for growth.
Net debt at the year end is expected to be below £100m