Stobart Group PLC’s board (LON:STOB) have taken off the gloves in their boardroom battle with former chief executive Andrew Tinkler.
Last Friday, Tinkler, who is an executive director of the airport, airline and energy group, indicated he would vote against the re-election of chairman Iain Ferguson at the Annual Meeting.
In a statement today, other directors and those seeking re-election said Tinkler’s move potentially posed serious risks to Stobart’s board, would weaken corporate governance and distract management.
The ongoing board 'deeply regrets that Mr Tinkler has destabilised the Group at this crucial time,' the statement added.
John Coombs and Andrew Wood have already indicated they will step down as non-execs if Ferguson is voted out.
Warwick Brady, who took over as chief executive in June 2017 from Tinkler after being recommended by him, added that the group needed stability.
"Stobart Group now has a clear and focused strategy to drive growth in our core operating divisions in order to double the value of the business by 2022.
“On my appointment as CEO, as part of working with Andrew TinkIer, we all agreed that Iain Ferguson would remain in his role through to 2020, and our strategy for the growth of the business was unanimously validated by the Board.”
Tinkler retains a 7.7% stake in the Southend Airport owner and two other shareholders speaking for 25.5% have agreed to vote with him.
Fund manager Invesco, however, has said it will vote its 24.8% stake in support of Ferguson.
Shares fell 3.4% to 242.5p.