Shares in logistics firm Eddie Stobart have been suspended this morning amid an accounting review and the resignation of its chief executive Alex Laffey.
Laffey announced plans to stand down with immediate effect, as a probe, which is likely to affect the company's earnings for the first half of the year gets underway.
He'll be replaced by Sebastien Desreumaux, currently chief executive of its iForce business and head of contract logistics.
Desreumaux joined the company in July 2018 to run iForce, the retail delivery arm of Eddie Stobart.
In a statement, the firm said that it also intended to review the group's current dividend policy.
The transport logistics company, known for its green lorries, revealed a £2million discrepancy in its accounts last month.
A review of its statements by new chief financial officer, Anoop Kangits, found that the 2018 adjusted operating profit figure of £55.3m was overstated by about 4%.
Publication of the firm's financial results for the six months to 31 May 2019 has now been delayed to early September.
The firm added that half year profits were likely to be "significantly lower" than suggested in a recent trading update, and that it is "applying a more prudent approach to revenue recognition".
Founded by Edward Stobart in 1970, the firm operates 2,700 vehicles and 43 logistical hubs in the UK and Europe.
It employs more than 6,600 people worldwide.
