Ardagh Group - comment
The appointment of Mark Porto as Executive Chairman adds experience in working through a restructuring and is a positive. With Coulson exiting the business, there will be less emotion around decisions and a greater ability to work with former creditors, who now control the business. Jean-Pierre Floris has also joined the board of Ardagh. Floris was heavily involved in the spinoff of Verallia from Saint-Gobain and will add further business restructuring expertise.