Tragedy or farce, whichever way you look at it, things are looking pretty bleak at Mouchel. David Sugden, who took on the role of interim chair from retiring chairman, Bo Lerenius, less than a week ago (see Mouchel looks to former Serco COO for salvation), resigned over the weekend, following further ‘discussions with the Board and other key parties about the best way to secure the group's future’. Mouchel has now lost a CEO and two chairs in the space of a week.
Sir Michael Lyons, Mouchel’s senior independent director, will now act as interim chair while he searches for Sugden's replacement. Mouchel’s lending banks have apparently been ‘fully supportive’ of the board and its executive team. It is clear to us however that Mouchel is now in total disarray. And the last thing it needs is more delays and uncertainty.