John Menzies CEO Wilson to step down

Wilson will stay on at Menzies until the end of August "to ensure a seamless transition of his duties".

He will not be replaced as the company looks to "streamline the executive structure".

Executive chairman Philipp Joeinig will take a more active role in overseeing the running of the group and the senior executive team will now consist of chief operating officer Mervyn Walker, chief financial officer Alvaro Gomez-Reino and corporate affairs director John Geddes. Menzies said they will increase their duties as required and will each report directly to Joeinig.

The company has initiated a search for a new independent non-executive director to ensure a majority of independent directors exists and said that deputy chairman David Garman will become chair of the Nomination Committee with immediate effect.

Joeinig said: "I would like to record my thanks to Giles who has made a substantial contribution to the group over the last nine years.

"I remain excited about the future for Menzies. We are a very strong market participant with excellent prospects as the sector begins to recover. As we announced earlier this week our medium-term liquidity position is secure and we look forward to building our business back up as flying schedules return. Our outlook is positive, and we have an excellent, experienced leadership team who will drive our ambitious growth agenda."