Strife hit Stobart Group unveils new chairman in bid to repair rifts

Stobart Group has announced that David Shearer will take over from Iain Ferguson as chairman.

The announcement comes after a long period of boardroom strife at the logistics firm.

Former chief executive Andrew Tinkler launched a long-running campaign to oust Mr Ferguson from his role.

Andrew Tinkler

The bid ultimately ended in defeat and a high profile legal battle ensued.

Mr Ferguson had made it clear he intended to step down in the wake of the damaging public boardroom battle.

And there are hopes that the appointment of the new chairman will draw a line under the damaging rift.

Stobart owns Southend airport and operates a biomass business.

Reports on Monday named turnaround specialist Mr Shearer as the man to replace current chairman Iain Ferguson, but speculated he would be unveiled when the Carlisle-based group announced its latest results, scheduled for today, but now put back to May 29.

Today, the group announced Mr Shearer will join the group on June 1, and replace Mr Ferguson when he steps down from the board at the end of the 2019 annual general meeting.

Andrew Wood, the current senior independent director, led the recruitment process supported by leading independent search firm Russell Reynolds and he will also step down from the board at the conclusion of the AGM.

Stobart said Mr Shearer is an experienced independent director and corporate financier.

He is currently non-executive chairman of Speedy Hire, the Scottish Edge Fund and Aberdeen New Dawn Investment Trust plc.

He will stand down from the board of Aberdeen New Dawn Investment Trust plc at the end of its September 2019 AGM.

He was previously the senior partner of Deloitte for Scotland and Northern Ireland, and a UK executive board member of the firm.

He has subsequently held the positions of co-chairman of Martin Currie (Holdings), chairman of Mouchel Group and Crest Nicholson and a non-executive director of City Inn, in each case standing down after completing the successful restructuring of these businesses.

Mr Shearer was also non-executive chairman of Liberty Living Group and Liberty Living Finance, senior independent director of Renold, STV Group and Superglass Holdings and non-executive director of Mithras Investment Trust.

Iain Ferguson said: “I am pleased to be handing over as chairman to David after the next AGM. He has considerable experience which will help chief executive Warwick Brady and the team to implement the group’s strategy and deliver our ambitious growth targets.

“I would also like to thank Andrew Wood for his wise counsel and for the significant contribution that he has made to Stobart Group as senior independent director and chair of the audit committee since he joined the business in 2013.

“Stobart Group is a much-changed business since I joined six years ago, and one that is now very focused and well-positioned to deliver value to shareholders.

“Over the last year, we have strengthened the board, adding more expertise, and ensuring shareholders continue to have a strong independent voice. I wish David, Warwick and all their colleagues every success in the future.”

David Shearer said: “I am delighted to be joining the board of Stobart Group as it executes its strategy.

“Two things are clear to me. Firstly, that Stobart Group is successfully growing two excellent businesses: aviation and energy. Secondly, that there is a need to unify the shareholders behind the strategy.

“I look forward to working with Warwick Brady and the board in growing long-term value for all shareholders.”