Stobart Boss Prepares To Step Down From Board

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A report that was released this evening revealed that Iain Ferguson, the chairman of Stobart, is preparing a succession plan that will have him resign from the board within a few months.

The Stobart boss has talked about a proposal to have a new chairman in place prior to the annual meeting of the company next year.

This evening, Sky News disclosed that a formal timetable is yet to be agreed upon, however, some quoted sources said that the directors of the company “acknowledged the need to look at the composition of the board.”

A Stobart spokesperson refused to comment regarding the matter.

The report comes days after the annual general meeting of Stobart was held in Guernsey, where a vote to re-elect Ferguson as the chairman of the company was passed by a narrow majority of 51.2 percent in favour of the re-election.

The results of the said votes came in late last night, as the votes were still being counted last Friday and it appears that the board of directors of Stobart had some difficult decisions to make.

A last-minute vote that came from the floor of the meeting to elect Andrew Tinkler as one the directors of the company was passed by 51.4 percent, following a legal case to place himself on the ballot before the meeting was dismissed by a Guernsey court.

However, the said move was later reversed by a dismissal from the other directors. Ferguson said that “it would not be in the best interests of the company for [Tinkler] to act as a director.”

One of the spokespersons for Tinkler said that it was “pretty extraordinary” that the results of the vote were released late on a Saturday night. He added that an investigation is being carried out into the identities of the voters on either side of the resolution.