Lyndon Davies has been named as the toymakers new chief executive, replacing current CEO Steve Cooke who is stepping down with immediate effect.
Davies, 56, is chairman of Oxford Diecast, a business founded in 1993. He remains the majority shareholder of LCD Enterprises, the owner of the Oxford Diecast brands.
A highly-experienced model and hobby professional with 40 years' experience in the industry, he has built Oxford Diecast into a successful international business over the past two decades.
Margate-headquartered Hornby is now exploring the opportunity to invest in LCD with the company stating that ‘further information will be released in due course.’
Interim Hornby chairman David Adams said: “His obvious expertise in and enthusiasm for the toy and hobby industry will provide the group with experienced leadership for the next stage of our development.
“Hornby will continue with its turnaround plan and Lyndon is ideally qualified to steer the group through this period.
“I would like to take this opportunity to thank Steve for his service to Hornby and for his leadership of the first stage of the turnaround plan.”
Davies will bring in Tim Mulhall and Simon Kohler as operational consultants in a bid to boost Hornby’s financial fortunes as part of the shake-up.