Stobart hires female director in shake-up after boardroom row

STOBART Group has addressed criticism about lack of diversity on its board with the appointment of a female City public relations guru among a trio of new director hires in the first stage of an overhaul following a boardroom row.

Ginny Pulbrook, who cofounded agency Citigate Dewe Rogerson and is now a partner at public relations firm Camarco, will join as a non-executive director at the Southend airport owner from Oct 1. It comes after Stobart was singled out as one of a handful of FTSE 350 companies without any women on its board.

Stobart said in July that new board appointees would constitute “at least one female director”. Ms Pulbrook is the first female Stobart board member since Avril Palmer-baunack’s departure in 2013.

Michael Williamson, Gama Aviation’s interim finance head, will take temporary charge as finance chief at the aviation and infrastructure conglomerate, replacing Richard Laycock who quit just hours before Stobart’s crunch annual general meeting in July. Meanwhile current commercial head Nick Dilworth will be promoted to chief operating officer.

Stobart, which licences the name to famous truck company Eddie Stobart Logistics, has been the subject of major boardroom upheaval this year. In one of the most colourful corporate governance battles in recent times, former chief executive Andrew Tinkler attempted to oust chairman Iain Ferguson.

Mr Ferguson narrowly survived a vote against him at Stobart’s annual general meeting, but has subsequently pledged to stand down by the end of the financial year. Yesterday’s appointments come as part of a series of actions announced after the July vote to “provide a stable framework of strong corporate governance”.

The company has hired headhunters from Russell Reynolds to find Mr Ferguson’s successor. Stobart and Mr Tinkler, who is one of Stobart’s largest shareholders, are locked in legal battles with multiple claims and counterclaims filed. Representatives for Mr Tinkler have also questioned the validity of the AGM vote, claiming votes previously marked as abstained were changed at the 11th hour. Such claims have been dismissed by the company, which is ploughing on with board changes and identifying new strategic investors.

Mr Ferguson has previously said a £29m payout in December to his predecessor Avril Palmer-baunack, from a company unconnected with Stobart, was one of the reasons Mr Tinkler felt hard done by financially from his time at the Stobart helm.

Mr Ferguson said: “Nick and Ginny will make major contributions to delivering our strategy. Nick has already supported the commercial progress of the company through his work with the leadership teams of our operating divisions”.