Stobart tycoon fired AGAIN!
Ex-chief is voted back in . . . only to be fired a second time as board spat heads to court
THE ex-boss of Stobart has been sacked again after shareholders voted him back on to the board.
andrew Tinkler’s re- election – and immediate dismissal – was revealed by the company in an announcement on Saturday night, a day after voting at a stormy AGM in Guernsey.
The 54-year-old’s bid to rejoin the board, which he himself proposed at the meeting, was backed by 51.4pc of shareholders. But defiant directors refused to let it stand and sacked him straight away.
His second ousting was the latest twist in an extraordinary row that has gripped the company for weeks, with chairman Iain ferguson’s job also on the line.
ferguson, 63, was only narrowly reelected himself on friday, winning the support of just 52.2pc of shareholders. and last night Sky News reported he was preparing to step down within a year. It followed a campaign to replace him, led by Tinkler ( pictured) and backed by some of the City’s biggest names.
ferguson insisted Tinkler’s removal was in the best interests of the firm and called on shareholders to move on from the bitter dispute. But last night the firm was facing questions about a decision that freed up more shares for friday’s vote – and the possibility of a legal challenge.
Tinkler’s allies also hit out at Stobart’s bosses. fund manager Neil Woodford, who supported Tinkler, said the decision was a disgrace. ‘This is truly appalling behaviour by the Stobart board, which treats shareholders’ wishes with utter contempt,’ he said.
a spokesman for Tinkler claimed it was extraordinary that the vote’s result was only released at 7.21pm on Saturday. He added: ‘We note that the board has yet again shown contempt for shareholders’ wishes.’
Tinkler led Stobart Group for ten years, helping it grow into a conglomerate worth £800m. He stepped down last year although he remained on the board. But he was sacked amid accusations he was subverting the company for his own interests and had tried to cash in £30m worth of shares.
The Cumbria-based millionaire, who owns nearly 8pc of the company, was replaced by Warwick Brady. But Tinkler has since tried to return to the board and replace ferguson as chairman with retail tycoon Philip day, 52.
Tinkler’s allies included Woodford, whose fund holds 20pc of the firm, and ex-director allan Jenkinson, who holds 5pc. But they were opposed by Invesco, which has 25pc and supported ferguson.
ferguson said: ‘The board will now start the process of uniting shareholders and stakeholders, and progressing our strategy.
‘Tinkler will not be part of this process. Given the seriousness of his breach of fiduciary duty and the impending court cases against him, it would not be in the best interests of the company for him to act as a director.’