Wincanton installs new chief exec

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Wincanton has ousted its chief executive as part of a wider drive to overhaul its under pressure business.

The transport and logistics company revealed yesterday that in the wake of a strategic review, chief executive Graeme McFaull was to depart. He will be replaced by chief operating officer Eric Born with immediate effect. Mr McFaull joined Wincanton in 1994, and was chief executive for the past five years.

Wincanton said its immediate priorities were to grow the business, slash its debts and to improve profitability. The review followed a disappointing set of interim results last month that subsequently saw the group's shares shed more than a quarter of their value.