2nd Jul 2018 10:53
LONDON (Alliance News) - Former Asda boss Allan Leigthon joined the line as possible new Stobart Group Ltd interim chairman after former chief Andrew Tinkler proposed ousting current Chair Iain Ferguson, the Daily Mail reported on Sunday.
Top fund manager M&G, owner of a 5% stake in Stobart, put Leighton forward to lead the FTSE 250-listed company as Chairman, the newspaper reported.
If shareholders approve the nomination at the company's annual general meeting later this week, Leighton will take over the position from Ferguson.
Former chief Tinker's contract was terminated by the company earlier in June for "breach of contract and breach of fiduciary duty" after its behaviour "jeopardised" the future success of the group, Stobart said.
Tinker proposed to replace Ferguson with owner of Edinburgh Mill Philip Day.
A spokesman for Stobart told the Mail: "Our largest shareholder, Invesco and other significant institutional investors have, and continue to support, our chairman Iain Ferguson and the ongoing board."
If M&G's plan goes ahead, Leighton will lead the company for a number of months before handing it over to Day, the Daily Mail reported.
In a letter to shareholder in June, Stobart expressed support for the re-election of Ferguson as chairman, and urged shareholders to vote in favour of his reappointment which would avoid "significant" board resignations.
Stobart shares were trading 2.25 higher at 235.10 pence each on Monday.
http://www.thisismoney.co.uk/money/markets/article-5906659/Clash-titans-warring-Stobart-City-bigwig-joins-battle-control-Southend-airport.html
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