Former Royal Mail boss Leighton will not stand as Stobart chairman
REVERED corporate troubleshooter Allan Leighton has counted himself out of the running to replace Stobart chairman Iain Ferguson.
The former Royal Mail chairman and Asda chief executive had been lined up as part of a peace deal brokered by major shareholder M&G between warring investors. Mr Ferguson survived an attempt to sack him earlier this month after a battle between the company and former CEO Andrew Tinkler.
Retail billionaire Phillip Day had been proposed by Mr Tinkler and another of Stobart’s major shareholders, Neil Woodford, as Mr Ferguson’s replacement.
M&G proposed Mr Leighton for the role and voted against Mr Ferguson’s reappointment at Stobart’s annual general meeting earlier this month. After winning the AGM vote, Mr Ferguson announced he would step down by March 2019, a move he said honoured a commitment to chief executive Warwick Brady. Stobart yesterday noted that Mr Leighton “has advised that he does not wish to be considered” for the role. As such it has appointed headhunters from Russell Reynolds Associates to find Mr Ferguson’s replacement, as well as a new senior independent director and one or more additional non-executive board members.
“Russell Reynolds Associates will engage with significant shareholders and consider any candidates who may be recommended by them,” the company said.
As the row between Stobart and Mr Tinkler ramped up, the company was subject to allegations of bullying and whistle-blowing. It also announced yesterday that Alice Mayhew, a senior employment barrister at Devereux Chambers, will carry out an investigation into the allegations.
All members of the executive leadership team, among others, will be interviewed by Ms Mayhew, Stobart said.