- 20 June 2018
- Transport / Logistics Services
In more signs of trouble at the top of Stobart Group, one of its biggest shareholders Neil Woodford has joined calls on its chairman Iain Ferguson to resign.
In a statement on the dispute at the company, Woodford, whose company Woodford Investment Management holds almost 20 per cent of the shares, said: “My considered view is that the Stobart Board now needs a new chairman to restore stability and to ensure that shareholder value creation continues in the manner that we have become accustomed to over the past decade or more.
“That is why I have recommended that Iain Ferguson, the Chairman, steps down. Philip Day is my preferred candidate to come onto the Board. He has extensive experience managing and leading diverse businesses in challenging environments while delivering excellent returns to shareholders. I believe he will be a very strong and effective leader of Stobart Group at a time when the business needs just that. Ultimately, I would like him to become Chairman but that will be up to the Board to decide.
Somewhat worryingly for the board of Stobart, Woodford has come out strongly in favour of Andrew Tinkler, the ex CEO who was ejected from the board last week.
“Throughout my time as a Stobart Group shareholder, I have been able to observe Andrew Tinkler as a senior executive. It is his creative and entrepreneurial leadership that has delivered shareholder value for Stobart Group. He is an unconventional, straight talking, honourable man,” said Woodford.
This all makes for interesting times at Stobart Group, whose shareholder AGM is coming up in the next couple of weeks. Get ready for the fireworks…