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Stobart Group appoints executive search firm

Published: 10:43 25 Jul 2018 BST

Board room
Stobart is looking for some high-class independent directors

Stobart Group Limited (LON:STOB) has appointed Russell Reynolds Associates, a leading independent search firm, to assist in its quest to beef up its board.

The company is on the look-out for a new non-executive chairman, a senior independent director and one or two additional non-executive directors; the company is also looking to appoint a suitable interim chief financial officer to replace Richard Laycock, who chose not to seek re-election to the board at the annual general meeting (AGM) earlier this month.

READ: Stobart looks for new investors after seeing off boardroom rebellion

The AGM and the run-up to it were characterised by squabbling between former chief executive Andrew Tinkler and his erstwhile colleagues on the board. The conflict did not do the company’s reputation any good and it has responded by looking to strengthen the board in the hope of creating unity and harmony among the group’s stakeholders.

One name that has been suggested as a potential chairman of the group is Allan Leighton, the former chief executive officer of Asda and non-executive chairman of Royal Mail, but Stobart understands that Leighton has indicated he does not want the gig.

The company, which owns Southend Airport, operates an airline and a biomass business, is also investigating concerns raised in recent weeks by certain employees regarding alleged bullying and whistle-blowing.

It has employed a senior employment barrister at Devereux Chambers to carry out an independent investigation that will include interviews with all members of Stobart’s leadership team.


 

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