Current chairman of models firm Oxford Diecast takes over from Steve Cooke, who has left the company.
Hornby has appointed Lyndon Davies, currently chairman of Oxford Diecast and the majority shareholder of Oxford’s owner LCD Enterprises Ltd, as the company’s chief executive officer. Hornby has also said it is exploring the possibility of investing in LCD Enterprises.
Hornby’s interim chairman David Adams commented: “I am delighted to welcome Lyndon to the board. His obvious expertise in, and enthusiasm for, the hobby industry will provide the group with experienced leadership for the next stage of our development.”
It is thought that one of Lyndon Davies’ first moves will be to appoint Tim Mulhall and Simon Kohler as operational consultants, reporting directly to him and the board. A statement said: “These appointments are part of a strategy to complement the Group’s existing management with additional highly experienced model and hobby expertise.”
Lyndon Davies will join Hornby’s board once customary due diligence is completed, the group confirmed, with current CEO Steve Cooke leaving with immediate effect.
In an AGM statement in September, Hornby warned that, while the important Christmas trading period is still to come, “there is a risk that the shortfall in performance to date may not be fully recovered over the remainder of the financial year”.