Coming up on two years in the role, Russell has handed in his resignation but will stay for transition
The McAleese Group has announced its chief financial officer John Russell has resigned from the troubled transport company to pursue a new role.
According to a company statement, Russell will remain at McAleese for undefined period of time to oversee a “smooth handover and to support the conclusion of the company’s proposed recapitalisation”.
Russell, who joined the company after stints at private equity firm Ironbridge Capital and as deputy CEO of fleet lessor and manager FleetPartners, took on the role in November, 2014.
“John has shown outstanding leadership and dedication in his time with McAleese Group, particularly throughout our complex recapitalisation process,” McAleese managing director and CEO Mark Rowsthorn says.
“The company expresses its sincere thanks to John and wishes him every success in his next endeavour.”
The resignation comes at a time of uncertainty for the transport company, with ongoing debt troubles and an investor backlash facing the board.
Shareholders unhappy with a proposed rescue package sought a Takeovers Panel review of the deal, but it was rejected as the panel saw the recapitalisation deal as a “legitimate” deal.