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Former Stobart chief executive looks to oust chairman
A war of words has broken out in the offices of Southend Airport owner Stobart Group following the decision by former chief executive Andrew Tinkler to vote against the re-appointment of current chairman Iain Ferguson at the group's upcoming annual general meeting.
The remainder of Stobart's board has pledged their support to Ferguson, with two even threatening to stand down if the chairman is not returned to his seat; however, Tinkler, who holds a 7.7% stake in the group, was said to have the backing of two other major shareholders who, when combined, account for 25.5% of the firm's entire issued share capital.
On the other hand, fund manager Invesco stated it will use its 24.8% stake to vote in support of Ferguson.
Stobart claimed that, unlike Ferguson, Tinkler was "no longer key to delivery of the current management's operational strategy."
Noting that his focus, during the 50% of his time which is committed to the Stobart Group, is on its non-operating divisions and the balance of his time has been spent on his separate vehicle Stobart Capital, of which he is now "in dispute" with its co-founder.
Stobart Group received much criticism for its corporate governance between 2007 and 2013, mostly due to its engagement in "perceived related party transactions", leading the firm to appoint Ferguson as its chairman.
Warwick Brady, Stobart's chief executive, said, "Stobart Group now has a clear and focused strategy to drive growth in our core operating divisions in order to double the value of the business by 2022."
"The strategy was co-created between Andrew Tinkler and myself. I have been very clear that the Stobart Group needs a stable board and management team to support the execution of this plan, underpinned by strong and effective corporate governance," he added.
As of 1600 BST, Stobart shares had declined 4.17% to 240.53p.