- Aviation services group John Menzies said that chairman Dermot F Smurfit had stood down with immediate effect.

He had been replaced by current non-executive director Philipp Joeinig.

Smurfit had joined the board in July 2016 and oversaw the $202m acquisition of ASIG and more recently the sale of Menzies's distribution unit.

'I have greatly enjoyed my time with Menzies during which we have delivered on a number of key corporate and financial objectives,' Smurfit said.

'I wish the Group and its 36,000 employees the very best for the future as it embarks on the next stage of its journey.'

'I believe that this now requires an industry specialist to bring Menzies to a new level of excellence.'

'I wish my successor, Philipp Joeinig every success in that mission.'

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