It seems that there is a lot of negative press coming from Alno these days and with news that Alno UK managing director Jonathon Wagstaff has resigned and local press in Germany suggesting a power struggle as a consequence of Whirlpool selling its last holdings in Alno it seems this story has a lot left to be aired before its played out.
It has been reported that Wagstaff will be replaced by current Alno Contracts managing director Stuart Welburn with two directors from Prevent Group also set to join the company’s board of directors.
Prevent Group is the parent company of Tahoe Investors, which bought Whirlpool Germany’s 14.08% stake in Alno AG in August 2016, making the holding company Alno’s largest single shareholder. A move that has apparently irked Ipek Demirtas, Alno’s Chief Financial Officer.
According to sources Alno UK retailers received a memo that stated Barbaros Arslan and Christain Brennan from Prevent Group are in the process of being appointed to the company’s board and are likely to take up their new roles in the next week.
Wagstaff was formerly managing director of Alno UK before he became Alno’s international CEO and was replaced by Adinde Blacquière in September 2015. When Blacquière stepped down from the position in February this year, Wagstaff resumed his former role. He officially stepped down from his CEO role in June, but is staying on with Alno UK in a “director capacity” until the 31st July and will remain in the business until September.
According to the source quoted by KBB Daily, Wagstaff noted in the memo that his decision to resign was not an “impulsive” one and has been his “long-term plan” for some time. He said he has been supporting and relinquishing duties to Welburn for several months in preparation for the transition.
Despite repeated statements from Alno claiming it is “business as usual” the fact that Alno has filed for bankruptcy is far from “business as usual”!