McFaull steps down from Wincanton after 16 years
Page 7
If you've noticed an error in this article please click here to report it so we can fix it.
juti
GRAEME MCFAULL has stepped down from his post as chief executive of Wincanton after 1.6 years with the group, effectively marking a changing of the guard at the top of the group.
McFaull joined Wincanton in 1994, taking the top job in 2005. During his time in charge, Wincanton made eight acquisitions totalling Li 20m.
Wincanton's share price hit a 27-month high of 257p on 10 November. However, the announcement of the half-year results the following day caused a slump to 163.8p. The announcement of MeBull's departure had little effect CM understands that McFaull's departure marks a fresh start for the group: Gerard Connell, group finance director of 10 years, stepped down in the summer and was replaced by Jon Kempster.
McFaull's unexpected departure follows a strategic review of the logistics giant's business. According to a statement, Wincanton's immediate priorities are -to focus on or
ganic growth, a significant reduction of the level of debt and to improve profitability through a greater reduction in both overhead and operating costs".
McFaull is replaced with inunediate effect, "in line with its succession plans", by Eric Born, the current chief operating officer, who has been in the post since April 2009. McFaull remains in a consultative role for a few months to ensure a smooth hanclover to Born.
Wincanton says Born has "extensive experience in managing turnarounds and growth in a number of industries including retail, airline catering and logistics. At Wincanton, he has predominantly focused on driving the successful turnaround of the German business"