Eddie Stobart CEO stands down as shares are suspended

Last month the company revealed that following a review of its accounts its earnings for last year were £2m lower than previously reported

Last month the company revealed that following a review of its accounts its earnings for last year were £2m lower than previously reported

The drama is likely to cause yet more headaches for beleaguered fund manager Neil Woodford, whose Woodford Asset Management fund is Eddie Stobart's largest shareholder with a 22.89% stake.

Eddie Stobart, one of the most recognisable brands on United Kingdom roads, was plunged into crisis after it suspended its shares, said goodbye to its boss and revealed it was delaying publication of its half-year results as it reviews a discrepancy in its accounts.

Boss Alex Laffey is to stand down with immediate effect, the company said, and will be replaced by Sebastien Desreumaux, now chief executive of its iForce business and head of contract logistics.

'These developments, and an earlier admission that 2018 profit had been overstated by £2million, follow the appointment of new finance chief Anoop Kangits.

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The company's results for the half year to 31 May, due to be released next Thursday, would now be delayed, the company added. He is expected to be appointed to the board in due course. However, the market did not take this announcement lightly, with its shares falling by 1.9 percent on July 9, the day this was put in the open. As a result, it also intends to review its current dividend policy.

The transport and logistics giant applied for its shares to be suspended as it carries out a review of its accounting, which is expected to reveal lower earnings for the first half of 2019.

Eddie Stobart Logistics plc provides logistics, distribution, and warehousing services for its clients across a range of service sectors in the United Kingdom and internationally.

Today the company said that, as part of a review, it is taking a more "prudent approach" to revenue recognition, receivables and provisions.

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