Hornby appoints John Stansfield as chairman

AIM-listed model train set maker Hornby has announced the appointment of John Stansfield as non-executive chairman with immediate effect.

Stansfield will step up from his current role as a non-executive director, while chief executive officer Lyndon Davies will step down as interim chairman.

Hornby, which has suffered a string of profit warnings, said that separating the role of chairman and CEO will enable it to comply with the recommendations of the QCA Corporate Governance Code.

A qualified accountant, Stansfield has been with the company for 31 years, spending 12 years as group finance director. He also helped deliver some of Hornby’s profitable years and has a "wealth of experience" in the toy and hobby sectors.

Lyndon Davies said: "Working with John since he joined the board eight months ago has been a real pleasure and I look forward to working with him in his new role as chairman. His accumulated knowledge over three decades at the company has helped us navigate some of the difficult changes we are making. I can't think of a better person to lead the board through this important period and beyond."