Aug 21, 2018

All change as train maker Hornby appoints new chairman

Toy train maker Hornby put and end to delays on Tuesday by announcing the appointment of a new chairman who will take up the role "With immediate effect". Hornby said company veteran and non-executive director John Stansfield, who has been with the trainset maker for 31 years and spent 12 as group finance director, is to become chairman. Separating the roles of CEO and chairman "Will enable the Company to comply with the recommendations of the QCA Corporate Governance Code," Hornby said in a statement. The announcement follows a series of management signal failures: in June 2017, David Adams was appointed as interim chairman after a former shareholder forced out his predecessor, but stepped down in December to "Take up another appointment." "Working with John since he joined the board eight months ago has been a real pleasure and I look forward to working with him in his new role as Chairman. His accumulated knowledge over three decades at the company has helped us navigate some of the difficult changes we are making," said Mr Davies on Tuesday.

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