Red Funnel CEO, Kevin George

Red Funnel’s Chief Executive Officer is to be appointed as Chairman of the Group.

It follows the restructuring of the firm’s board, six months after it was bought by a consortium of UK and Canadian pension funds.

A number of Non-Executive Directors have recently been appointed and Kevin George will fulfil the roles of both Chairman and CEO until a new CEO is appointed later in the year.

Mr George said,

“I am delighted and honoured to be asked by our new Shareholders to become the Chairman of the Red Funnel Group. I have been CEO of Red Funnel for 4 years now, during which time we have achieved a huge amount…

“…the time is right for me to now assume a more strategic role in helping guide not only the growth of Red Funnel but to also help promote the economic growth of the Island.

“As a director of both the Solent Local Enterprise Partnership and the IOW Chamber of Commerce, the change of role in Red Funnel will allow me to devote more time to the economic challenges of the Island upon which the growth of Red Funnel is so dependent.”

Ed Wilson, Chief Investment Officer, Pensions Infrastructure Platform, on behalf of the Red Funnel Shareholder consortium said:

“Since acquiring the Red Funnel business in July last year we have been impressed by the strength of the Red Funnel management team and the clarity of their medium-term business plan. As part of our long-term vision for the business, the way the Isle of Wight economy develops is critical to the strategic direction of the business.

“In his time as CEO, Kevin has not only developed the business, but also his understanding of the Island and the issues it faces.  Appointing Kevin as our Chairman will enable him to focus on these matters as well as overseeing the performance of the Red Funnel business.”