Showdown looming at Stobart
TOP brass at Stobart Group are at loggerheads ahead of an annual general meeting on June 28, with chairman Iain Ferguson’s role cast into doubt.
Last Friday, former chief executive Andrew Tinkler vowed to vote against Mr Ferguson’s re-election at the AGM. Mr Tinkler only stood down as CEO last year and still holds a 7.7pc stake in Stobart.
He informed the board of his plans to vote against the re-election of Mr Ferguson as chairman and a director of the company, the company said last Friday.
Stobart, the owner of London Southend Airport and a 45pc interest in Aer Lingus Regional operator Stobart Air, said its board has also heard from two other shareholders, with a combined 25.5pc of the business, that they will be voting against re-appointing Mr Ferguson.
However, two of Stobart’s non-executive directors, Andrew Wood and John Coombs, said they would resign if the chairman was removed.
Stobart said all other directors apart from Mr Tinkler had “full confidence” in Mr Ferguson and were recommending shareholders back him at the AGM. It has already received written confirmation that its largest shareholder, Invesco Asset Management, with a 24.8pc stake, would be voting in favour of Mr Ferguson’s re-election.
Iain Ferguson and Mr Tinkler worked closely together until Mr Tinkler’s resignation. Stobart is led by CEO Warwick Brady, a well-known aviation executive. (Daily Telegraph)
Two non-executive directors said they would resign if the chairman was removed