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Eddie Stobart Logistics said that Alex Laffey would stand down as chief and suspended trading in its shares as the company investigated a probe into an accounting error. The company also said it would review its dividend.
The update comes after the transport logistics company revealed a £2m discrepancy in its accounts in July.
The company also said the impact of the accounting error on adjusted earnings (EBIT) was unclear, but it ws likely to be 'significantly lower than anticipated at the time of the half year trading update on 9 July 2019.' 'As a result, the board also intends to review the group's current dividend policy, it added.
Sebastien Desreumaux, currently CEO, iForce and head of contract logistics, would take over as chief executive, and was expected to be appointed to the board in due course, the company said.
At 9:59am: (LON:ESL) Eddie Stobart Logistics Plc share price was 0p at 71p