Stobart’s former chief hits out
STOBART Group has defended dismissing former boss Andrew Tinkler despite shareholders voting to re-elect him to the board. Tinkler, who failed to oust Iain Ferguson as chairman of the Southend Airport owner at Stobart’s annual meeting, accused the board of “arrogance bordering on contempt for shareholders and employees” and claimed the vote had been “gerrymandered”.
Tinkler had called for Mr Ferguson not to be re-elected on Friday but the chairman secured 51.2 percent of the votes.
Tinkler was voted back on to the board after a floor resolution was passed by shareholders, but was almost immediately sacked by Mr Ferguson and the board.
Mr Ferguson said it was not in the company’s interest for Tinkler to act as a director given “his breach of fiduciary duty and the impending court cases against him”.
Mr Ferguson said: “The Board will now immediately start the important process of uniting shareholders and stakeholders and progressing our strategy to deliver further shareholder returns.
Andrew Tinkler will not be part of this process – the board has taken the decision again to dismiss him, following the passing of his resolution to be elected as a director of the company.
“Andrew Tinkler will not be part of this process – the board has taken the decision again to dismiss him, following the passing of his resolution to be elected as a director of the company.”
He said that the firm would diversify its investor base and make more appointments to the board. Shares rose 7½p to 236½p.
As well as a new non-executive chairman, the airline, airport and biomass group wants to appoint a senior independent director and at least one female non-executive director.
A chief financial officer is also needed after Richard Laycock chose not to seek re-election at the AGM.
Reports said that Mr Ferguson also intends to stand down before next year’s AGM.