Menzies chief to exit in move to Glenfiddich owner
Airport services group John Menzies chief executive Giles Wilson will step down, the firm said today, as he leaves to join Glenfiddich owner William Grant & Sons.
Wilson will take up his post as William Grant & Sons chief financial officer in the end of August.
John Menzies said Wilson will not be replaced. Its chairman Philipp Joeinig will instead take a more “active” role in managing the business, with members of the senior executive team directly reporting to him.
The company added that its senior executive team, including its chief operating officer and chief financial officer, will increase their duties as a result.
A search has begun for a new independent non-executive director to make sure the board retains a majority of independent directors from the firm.
“I would like to record my thanks to Giles who has made a substantial contribution to the group over the last nine years,” said Joeinig.
“I remain excited about the future for Menzies. We are a very strong market participant with excellent prospects as the sector begins to recover.”
In a trading update earlier this week, Menzies said ground handling and fuelling activities had dropped 75 per cent year-on-year last month as flights remained subdued due to the coronavirus pandemic.
It remained largely cash generative in the last quarter as it continued to collect customer payments, thanks to major government support packages for airlines.
State aid for workers also helped Menzies offset one of its largest costs during the period, which usually represents 60 per cent of its revenue.