Stobart Group chairman David Shearer has taken the unusual step of intervening to appoint an interim chief financial officer to Dublin-based Stobart Air, the Irish Independent has learned. Stobart Air managing director Andy Jolly told employees that following Stobart Group's recent reacquisition of Stobart Air, Chris Mann has been appointed interim chief financial officer to the airline. "Reporting to me, the interim CFO is responsible for the management of the interface between Stobart Air and Stobart Group for the duration of his tenure and in particular the presentation of that detailed business case data to the various interested third parties commissioned for the purpose of securing SG [Stobart Group] and Stobart Air funding as that relates to Stobart Air," Mr Jolly said in his memo to staff. Stobart Group recently acquired Stobart Air from EY, the administrator of Connect Airways, of which Stobart Air was a part. Stobart Group has pledged an initial €25m to Stobart Air, but a majority of that will be consumed by aircraft lease payments and aircraft maintenance costs.

Source: Irish Independent May 14, 2020 01:30 UTC