Stobart Group to replace chairman

Stobart Group has set out plans to replace chairman Iain Ferguson in the wake of its annual general meeting on 6th July at which the board narrowly defeated an attempt by founder Andrew Tinkler to unseat Ferguson.

A move by Tinkler to have Philip Day, owner of Edinburgh Woollen Mill, nominated as chairman has now been abandoned.

In a statement following the AGM, the Stobart Group board said it was setting out its proposals to seek to unify the interests of shareholders.

Tinkler was re-elected as a director of the group at the AGM after his dismissal from the board in June. However, following the AGM, the other directors removed him from his position as a director.

In a statement a spokesman for Tinkler said the results of the AGM and public statements made since Friday “show the contempt this board has for shareholders as well as its on-going abuse of power”.

Tinkler is challenging the way that votes held by the Employee Benefit Trust were cast.

As well as finding a replacement for Ferguson, the board is also looking for another non-executive director – and it also needs to replace chief financial officer Richard Laycock who resigned.