Coup at Stobart is called off – for now

THE ex-boss of Stobart has called off an attempt to replace the company’s chairman in the latest twist in a blazing row.

Andrew Tinkler yesterday said he was no longer putting forward retail tycoon Philip Day, who had also been backed by fund manager Neil Woodford, to replace Iain Ferguson.

It came after a tumultuous annual general meeting last Friday where Tinkler successfully won back his seat on the board, only to be fired immediately afterwards by the company.

He has been leading a campaign to replace Ferguson amid a row over the future direction of Stobart, which owns Southend Airport.

Ferguson was only narrowly re-elected as chairman at the meeting, and has since said he would step down within a year.

Tinkler and his allies had been due to put Day forward for election on July 18 but yesterday withdrew the motion. Tinkler said: ‘The current board has shown itself willing to remove any director from office who does not agree with the actions of the board ... Wholesale changes are required, rather than individual appointments.’