LONDON (Alliance News) - Stobart Group Ltd said Tuesday that Executive Director Andrew Tinkler will be voting against the re-election of Iain Ferguson as director and chairman at the company's annual general meeting.
The company said its board has "full confidence" in Ferguson and is recommending to shareholders that they vote in favour of his re-election.
The Stobart Group board believes a vote against Ferguson would "weaken the company's corporate governance and would not be in the best interests of shareholders".
The board "deeply regrets" that Tinkler has "destabilised the group at this crucial time".
Chief Executive Officer Warwick Brady said: "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. The strategy was co-created between Andrew Tinkler and myself. I have been very clear that the Stobart Group needs a stable board and management team to support the execution of this plan, underpinned by strong and effective corporate governance.
"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. It's in the interest of the shareholders' that we continue to have stable leadership across the business and the ability to deliver our ambitions, as was the case when Andrew Tinkler was CEO."
Shares in Stobart Group were down 3.8% Tuesday to 241.50 pence each.
