Stobart Group – Tinkler sacked from board

In response to the recent disruption at board level of the Stobart Group, the company has announced it it has sacked its former CEO Andrew Tinkler from his directorship. In a statement to the stockmarket, the company said, “The Company announces that, following the receipt of comprehensive legal advice, it has today served notice on Andrew Tinkler, summarily terminating his employment with the Stobart Group. Mr Tinkler will cease to be a director with effect from today’s date.

“The Company will also be issuing legal proceedings imminently against Mr 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.

“Warwick Brady, CEO of Stobart Group, 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.”

Apex Insight has reported recently how Tinkler had been manoeuvring to replace the current board Chair with someone of his and a group of fellow shareholders’ choice. He retains his own significant shareholding, and there is no sign his group of shareholders interested in replacing the Chair has backed down. As such Stobart Group seems to be in much the same position as it was with regards trouble at the top, only with one fewer director. We will naturally report on things as they happen.