Stobart boss flags progress as he backs chairman

The boss of Stobart Group on Friday insisted “significant progress” has been made at the logistics firm in a final attempt to avoid his chairman being unseated following a boardroom battle.

Warwick Brady was in Guernsey today for the Southend Airport owner’s annual meeting. Shareholders were voting on whether to reappoint Iain Ferguson as chairman.

There has been a row at the FTSE 250 firm since May, when ex-boss and 7% shareholder Andrew Tinkler said he wanted a chair replacement because of a dispute over strategy.

Tinkler, who has since been sacked from the board, was joined by investors, including fund management guru Neil Woodford, in calling for retail tycoon Philip Day to become the new chairman.

Brady said: “Since stepping into my role last year, we have made significant progress across our business divisions, and continue to focus on delivering on our ambition to double the value of the business by 2022.”

Finance chief Richard Laycock will step down. A search for his replacement has started.