Stobart has signed a new three year contract with Tesco which runs until February 2016. This agreement formalises the previous arrangements with Tesco, to which Stobart has been providing distribution services on a pay-as-you-go basis for the past eight years.
A company spokesman said: “Having invested heavily to support Tesco’s drive for an efficient network, Stobart currently provides secondary distribution services to nine Tesco distribution centres across the UK and the Republic of Ireland.
“As a result, the Board decided that the role of executive chairman is no longer appropriate and Avril Palmer-Baunack will stand down from this role with immediate effect. “
She will remain on the board as Non-Executive Chairman until a suitable independent Non-Executive Chairman is appointed and it is expected that her departure will coincide with the announcement of Stobart’s annual results on May 16 2013.