Mouchel appoints turnaround specialist
12 December 2011
Troubled consultant engineer Mouchel has appointed David Shearer as chairman. He will take up the post on January 9th, replacing interim chairman Sir Michael Lyons, who will resume his position as a senior independent director of the company.
The appointment comes after an accounting error came to light in October, revealing that the company had overstated its profits by £4.3 million (€ 5 million). This prompted the resignation of both CEO Richard Cuthbert and chairman Bo Lerenius.
Mr Shearer's past experience includes the restructuring of UK house builder Crest Nicholson in 2008 and 2009. He has also worked on the turnarounds of UK manufacturer Renold, television programme maker STV and insulation manufacturer Superglass. He remains an independent director of these companies among others.
Commenting on the appointment, Sir Michael Lyons said, "I am delighted to welcome David Shearer to Mouchel as chairman. David's extensive experience of turnaround and capital restructuring situations was a key factor in his appointment and his appointment is good news for everyone who has an interest in the early recovery of Mouchel."
Mr Shearer said, "Mouchel has built a strong position and reputation in the UK public sector consultancy and business services market. I'm delighted to become chairman of Mouchel and look forward to working with Grant Rumbles [chief executive] and Rod Harris [finance director] to help bring about its recovery and contribute to its future success."