One of Stobart Group’s biggest shareholders, Neil Woodford, has called on chairman Iain Ferguson to resign.
In a statement on the dispute at the company, Woodford, whose company Woodford Investment Management holds almost 20 per cent of the shares, said: “My considered view is that the Stobart Board now needs a new chairman to restore stability and to ensure that shareholder value creation continues in the manner that we have become accustomed to over the past decade or more.
“That is why I have recommended that Iain Ferguson, the Chairman, steps down. Philip Day is my preferred candidate to come onto the Board. He has extensive experience managing and leading diverse businesses in challenging environments while delivering excellent returns to shareholders. I believe he will be a very strong and effective leader of Stobart Group at a time when the business needs just that. Ultimately, I would like him to become Chairman but that will be up to the Board to decide.
Woodford also came out strongly is support of Andrew Tinkler, the founder of the business who was fired from the board last week.
“Throughout my time as a Stobart Group shareholder, I have been able to observe Andrew Tinkler as a senior executive. It is his creative and entrepreneurial leadership that has delivered shareholder value for Stobart Group. He is an unconventional, straight talking, honourable man,” said Woodford.