Southend Airport owner Stobart Group Limited (LON:STOB) has received a nomination for a new chairman from former chief executive Andrew Tinkler and Woodford Investment Management .
Tinkler has sparked a boardroom battle at the airline, airport and biomass group after indicating he would vote against the re-election of current chairman Iain Ferguson at the upcoming AGM.
READ: Stobart Group board expresses deep regret at move by former CEO
He has now lodged a requisition calling for Philip Day to be appointed to the board either at the AGM or separate meeting, after which Day will be invited to become chairman.
Tinkler, who stepped down as chief executive in June 2017, still owns 7.7% of the transport and energy group and combined with Woodford and a third shareholder, Allan Jenkinson, speaks for 33%.
Stobart’s board has expressed deep regret at the actions of Tinkler and in a statement last week said they “posed serious risks to Stobart’s board, would weaken corporate governance and distract management.”
Two directors, John Coombs and Andrew Wood, have already indicated they will step down as non-execs if Ferguson is voted out.
Fund manager Invesco has also said it will vote its 24.8% stake in support of Ferguson.