Stobart starts boardroom shake-up process
Stobart Group has appointed a team of advisers to oversee its planned boardroom shake-up.
The Carlisle-based business has also appointed a senior employment barrister to investigate claims of bullying and whistleblowing during a turbulent period for the group following the dismissal of former chief executive Andrew Tinkler on June 14.
Mr Tinkler was pushing to oust current chairman Iain Ferguson and replace him with North West tycoon Philip Day.
The attempted coup was narrowly voted down by shareholders at the company’s July 6 annual general meeting in Guernsey where, despite being voted back on to the board, Mr Tinkler was also immediately removed by directors.
Following the AGM Mr Ferguson announced proposals to review the composition of the Stobart board, including plans for him to step down before next year’s AGM.
In a Stock Exchange announcement today, the company said: “On 9 July 2018, the board of Stobart Group announced its intention to appoint a leading independent search firm as part of a thorough and rigorous process to refresh and further strengthen the board as well as retain an independent firm to investigate concerns raised about alleged bullying and whistleblowing.
“In respect of the board refresh, the board is pleased to announce that it has appointed Russell Reynolds Associates, a leading independent search firm, to lead the process to identify suitably qualified and independent persons to be appointed as non-executive chairman, as senior independent director and one or more additional non-executive directors.
“The board is also continuing its search to find a suitable interim chief financial officer.”
Stobart said that, as part of its brief, Russell Reynolds Associates will engage with shareholders and consider any candidates who may be recommended by them.
“The board is aware that Allan Leighton, who had been suggested by one shareholder as a possible candidate for chairman, has advised that he does not wish to be considered,” today’s statement revealed.
Mr Leighton, former boss of supermarket chain Asda, is considered a serial corporate troubleshooter.
The Stobart announcement added: “The board has also announced the appointment of Alice Mayhew, a senior employment barrister at Devereux Chambers, to carry out an independent investigation into the concerns raised in recent weeks by certain employees regarding alleged bullying and whistleblowing.
