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Deloitte turnaround specialist joins Mouchel as chairman

Mouchel has appointed “turnaround specialist” David Shearer as its new chairman, the consultancy announced this morning.

Mr Shearer, a former senior partner and executive board member at Deloitte LLP, led the successful restructuring of Crest Nicholson plc in 2008/9 as chairman and of City Inn Ltd in 2010/11 as its chief strategic adviser.

He takes up his new role on 9 January.

Former BBC chairman Sir Michael Lyons, who has been interim chairman at the consultancy since mid-October, will step back into his role as senior independent director.

A company statement described Mr Shearer as “an experienced non-executive director, board level adviser and turnaround specialist”.

Mr Shearer said:  “Mouchel has built a strong position and reputation in the UK public sector consultancy and business services market. I’m delighted to become chairman of Mouchel and look forward to working with (chief executive) Grant Rumbles and (finance director) Rod Harris to help bring about its recovery and contribute to its future success.”

The new chairman was also involved as a non-executive director in the turnaround and refinancing of Renold plc, STV Group plc and Superglass Holdings plc.

Sir Michael said:  “David’s extensive experience of turnaround and capital restructuring situations was a key factor in his appointment and his appointment is good news for everyone who has an interest in the early recovery of Mouchel.”

Sir Michael had taken up the chairman role after the resignation of Bo Lerenius, followed by that of David Sugden after just two days

Those departures had followed the resignation of chief executive Richard Cuthbert in October after a profit warning and actuarial error delayed the annual results.

Those results, posted last week, reported a £64.8million loss for the year. Mr Rumbles has promised a “deep dive” into the business model as part of a strategic review, which could result in anything from a rights issue, to job losses or the sale of the firm.

Debbie Hewitt is to step down as Mouchel non-executive director on 20 January to concentrate on her other business roles, including the chair of Moss Bros.

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