CFO parachuted in to Stobart Air by group’s chairman

Chairman David Shearer makes appointment as Stobart Group seeks financial partner for the Dublin-based carrier

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.

It comes as the two companies vie to secure a financial partner for the Irish carrier, which currently operates the Aer Lingus Regional service.

Stobart Air has also told staff that the suspension of its services – bar two publicly-funded routes here that remain operating with near zero passengers – has been extended to the end of June.

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.

Mr Jolly said the appointment had been made at the “bequest of David Shearer”.

Stobart Group’s CEO is former EasyJet and Ryanair executive Warwick Brady.

“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.

He added that Stobart Air’s Debbie Power remains Stobart Air’s finance director and will continue to manage and oversee the airline’s finance department function.

Those include budget and “forecast business case constructions”, the long-term financial affairs of the company, as well as undertaking duties as company secretary.

Mr Shearer was appointed non-executive chairman at Stobart Group last year.

Stobart Group recently acquired Stobart Air from EY, the administrator of Connect Airways, of which Stobart Air was a part. Flybe, which failed in February, was also a part of Connect. Stobart Group owns 30pc Connect Airways.

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.

It could also face a challenge in winning a new contract from IAG-owned Aer Lingus to operate the Regional service beyond 2022.

“There are other opportunities,” said IAG chief Willie Walsh last week. “We have had approaches from other carriers who’d like to provide that service to us. We’ve got an open mind.”

Stobart Group has pledged an initial €25m to Stobart Air