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Former Stobart CEO Andrew Tinkler gets the sack
Stobart Group, the owner of Southend Airport, has sacked director and former chief executive Andrew Tinkler - who was said to have been seeking to oust the company's chairman - with immediate effect following the receipt of "comprehensive legal advice".
The statement follows a report earlier in the week from Sky News suggesting that chief executive Warwick Brady had become embroiled in a row after he attempted to identify colleagues seeking the removal of chairman Ian Ferguson.
Sky said that senior managers at the company had engaged solicitors firm Pennington Manches to advise them after more than 20 of them supported a campaign to oust Ferguson. Their letter to the board at the weekend was understood not to have included any names amid concerns about a "bullying culture".
Stobart said on Thursday that it will also be issuing legal proceeding against Tinkler for, among other things, breach of contract and breach of fiduciary duty.
"The company will be writing to shareholders shortly to provide them with further information on the situation, including its concerns that Mr Tinkler and his associates are attempting to secure control of the company."
CEO Brady said: "Mr Tinkler's actions, particularly in recent days, have threatened to destabilise the Company and severely impacted my ability and that of my team to manage the business on a day to day basis and deliver the agreed strategy. This is against the interests of all of our shareholders."
At 1510 BST, the shares were up 1.7% to 263p.