August 22, 2019 / 8:54 PM / 3 months ago

Eddie Stobart's CEO, Laffey, to step down - Sky News

(Reuters) - Eddie Stobart Logistics Plc (ESLE.L) will announce on Friday that Chief Executive Officer Alex Laffey will step down following a multimillion-pound accounting error, Sky News reported on Thursday.

Shares are also likely to be suspended on Friday as the company will not be able to meet a statutory deadline for publishing half-year results, Sky News reported, citing sources.

Eddie Stobart did not immediately respond to a request for comment outside regular business hours.

The half-year results are scheduled to be released on Aug. 29, according to the company’s website.

The company had reported in July that adjusted EBIT would be restated and reduced by about 2 million pounds ($2.45 million) after a review of previous statements.

It was unclear whether the logistics group will have to further adjust any of its previous financial statements, Sky News said.

Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Matthew Lewis

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