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Troubled Mouchel hires new chief executive — but loses its chairman

Troubled consultant Mouchel has installed a new chief executive, a week after predecessor Richard Cuthbert quit amid an £8.6M accounting black hole that saw Mouchel’s shares plummet 45% to just 17p.

Grant Rumbles was formerly chief executive of Exova between 2008 and 2011. Prior to that he worked in senior management roles at outsourcing firm Serco Group.

Mouchel also announced today that chairman Bo Lerenius had resigned. Mouchel non-executive director David Sugden will take over as interim chairman.

Analysts told NCE this week that installing a new chief executive, along with potentially seeking partial sales of the business, would be critical to the firm’s recovery.

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