Mouchel Group, the distressed public sector consultancy, has appointed a new chairman as it seeks to recover from an horrific year during which its stock price has dropped 90%.
David Shearer, currently the deputy chairman at New Dawn Investment Trust and a non-executive director at several other firms, is described by Mouchel as a "turnaround specialist".
His track record includes the restructuring of Crest Nicholson in 2009 as chairman and of City Inn in 2011 as chief strategic adviser.
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He will take over from interim chairman Sir Michael Lyons on 9 January.
Commenting on his appointment Mr Shearer said: "Mouchel has built a strong position and reputation in the UK public sector consultancy and business services market. I'm delighted to become Chairman of Mouchel and look forward to working with Grant Rumbles and Rod Harris to help bring about its recovery and contribute to its future success."
Shares in Mouchel have risen 11% this morning in reaction to the new appointment.
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