Southend Airport owner Stobart Group Ltd (LON:STOB) has written to shareholders explaining why Andrew Tinkler was sacked from his job and the board yesterday.
Former chief executive Tinkler has called for chairman Iain Ferguson to be replaced by Philip Day at the AGM on July 6.
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Andrew Wood, senior independent director, said Stobart needs a different managerial style that is less entrepreneurial than previously and Andrew Tinkler's actions ran totally counter to this.
Wood added that while as a shareholder Tinkler has the right to propose changes to board, his action in writing to all employees threatened to destabilise the company.
Tinkler has the support of two major shareholders, Woodford Investment Management and Allan Jenkinson, and his stake combined with their's accounts for 33% of Stobart shares.
Stobart’s board meanwhile has received the backing of fund manager Invesco, which has a 24.8% stake.