The academy trust in the largest financial hole in England has named its new chief executive, days after the resignation of its last boss.

Lisa Walton has today been installed as acting CEO of the St Ralph Sherwin Catholic MAT, which has been the subject of ministerial scrutiny and strikes after sliding into an over £9 million deficit.

This comes after the 25-school chain announced on Friday that previous chief Kevin Gritton, who had been in post for almost four years, had resigned with immediate effect.

The new CEO

St Ralph chair Sarah Noon confirmed this afternoon that Walton has been appointed acting chief until August 2027.

“The appointment is effective from today and has been approved by the Bishop of Nottingham and the Department for Education,” she added.

For the last four years, Walton has been deputy of the East Midlands Education, which has 24 schools on its books.

“During this time, she also served as interim CEO for 14 months. She is a practising Catholic,” Noon continued.

“On behalf of the trust board, I would like to thank… the East Midlands Education Trust for their generosity in agreeing for Lisa to be released from her present role so quickly and for their kind offer of support for the St Ralph Sherwin CMAT.”

£9m deficit and £700k in loans

St Ralph’s accounts show it ended last year £9.2 million in the red, the largest deficit in the country.

Accounts suggest the Derby-based trust has already received £468,000 in government “cash-flow loans”.

It was given a further £200,000 loan – which is “interest-free and with no fixed repayment term” – by the Diocese of Nottingham last year.

DfE officials subsequently issued St Ralph with a notice to improve in February, its second in three years, over its “weak financial position” and “continued” academy rule breaches.

Among other things, it told the chain to “provide evidence it is expediting efficiencies to bring in-year savings, including staff restructuring”.

Walkouts have since been staged across a number of St Ralph schools.