25th Jul 2018 10:25
LONDON (Alliance News) - Stobart Group Ltd said Wednesday it appointed independent search firm Russell Reynolds Associates to help with the search of new board members, including a new chairman.
Earlier in July, Stobart said it was seeking new board appointments to "refresh and further strengthen the board".
The infrastructure company is looking for suitable candidates for the roles of executive chairman, senior independent director and one or more additional non-executive directors.
Also, the company - operating London Southend Airport - has started the search a for a new interim chief financial officer after Richard Laycock stepped down at the beginning of July.
Russell Reynolds Associates will engage with significant shareholders and consider any candidates who may be recommended by them, the company said.
In the past two months, Stobart's board faced turmoil as its former chief executive officer, Andrew Tinkler, was re-elected to the board at the company's annual general meeting after having been removed in accusations of "breach of contract and breach of fiduciary duty".
Tinker was removed immediately after its reappointment, as Stobart justified its decision once again.
The former CEO had tried to oust current Chairman Ian Ferguson, who was re-elected at the AGM with a slim majority of votes.
Former Asda boss Allan Leighton had been reported by the Daily Mail newspaper to have been put forward as the possible new Stobart interim chairman by top fund manager M&G, owner of a 5% stake in Stobart.
However, Stobart said Wednesday that Leighton has advised that he does not wish to be considered.
Stobart shares were flat at 236.44 pence each.
Related Shares:
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