Bloomberg News

Mouchel Group Says Interim Chairman David Sugden Resigned

October 16, 2011

Oct. 16 (Bloomberg) -- Mouchel Group Plc said David Sugden, who was appointed interim chairman last week, has resigned. His resignation follows “further discussions with the board and other key parties about the best way to secure the group’s future,” the company said in an e-mailed statement today.

Mouchel’s lenders “are fully supportive of the board and its executive team which believes that Mouchel has strong and valuable businesses which need to be supported by a stable, long-term financial structure,” the statement said.

Michael Lyons, senior independent director, will lead the search for a new chairman and will chair the board in the interim. Executive directors Grant Rumbles and Rod Harris are “focused on the steps necessary to secure the future of the company and they enjoy the full support and confidence of the board and its lenders,” Mouchel said.

To contact the editor responsible for this story: Ben Livesey at blivesey@bloomberg.net


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