Embattled Mouchel is to appoint ‘turnaround specialist’ David Shearer as its new chairman on 9 January, 2012. This will allow interim chair Sir Michael Lyons to step back into his role as senior independent director. Investors were pleased by the news and pushed up Mouchel’s shares 12%.
Shearer is a former senior partner and executive board member of Deloitte, and his turnaround credits include the successful restructuring of builder Crest Nicholson in 2008/9 as chairman, and of City Inn in 2010/11 as chief strategic adviser. He was also involved as a non-exec in the turnaround and refinancing of manufacturers Renold and Superglass Holdings and Scottish TV network STV Group. He currently holds a number of positions, as deputy chairman of Aberdeen New Dawn Investment Trust, senior Independent director of Martin Currie, Renold, STV Group and Superglass, and as non-exec of Mithras Investment Trust.
Shearer’s capital restructuring and broad-based turn around experience will be a great plus for Mouchel at this time. But the task at hand will be huge (see Mouchel’s annus horribilis), and Shearer will likely be fighting multiple fires when he joins in January. He is now tasked with delivering a successful outcome for Mouchel's staff, customers and shareholders, and hopefully a brighter future for Mouchel.