The board of John Menzies has announced that chief executive officer (CEO) Forsyth Black has stepped down with immediate effect after three years at the helm of aviation arm Menzies Aviation.
Giles Wilson, who has been chief financial officer has been appointed as interim CEO.
He spent 19 years at Menzies and oversaw the redevelopment of Menzies Distribution business before it was sold last year along with the development of Menzies Aviation over the last three years.
The board said it will continue to focus the business on organic growth to ensure the delivery of shorter term shareholder value and will now undertake a thorough process to appoint a new CEO.
John Menzies chairman, Dermot Smurfit said: “We would like to thank Forsyth for his dedication to the Group for the past 19 years and we wish him all the best for the future. Led by Giles, we areconfident that the strong and experienced team we have in place will move the business forwardin the short term.
“Simultaneously the Board will immediately undertake a thorough search for a new CEO, both internally and externally.”
The news comes as Menzies yesterday reported a pre-tax profit of £21.6 million for 2018, up from £9.9 million the previous year. Revenue from continuing operations also rose, from £1.27 billion to £1.29 billion.