Stobart finance boss steps down ahead of contentious AGM
Stobart Group’s finance chief has announced that he will step down ahead of this morning’s general meeting, in which the company faces a battle with activist investors.
Richard Laycock will not go up for re-election, but will continue to support the business. The board is searching for an interim replacement.
The news comes as Stobart braces for a showdown with its ex-CEO, Neil Woodford’s funds and Allan Jenkinson, who are trying to make retail billionaire Philip Day chairman of the company.
Yesterday a court in Guernsey ruled against former boss Andrew Tinkler, blocking his attempt to bring an injunction against the board of Stobart after it barred him from standing for election at the company’s annual general meeting (AGM) when he was fired from the board last month.
The group also updated the market on its performance this morning, saying it expects to achieve its medium-term goals. These include attracting 5m passengers a year to London Southend Airport and supplying over 3m tonnes of renewable energy fuel per year by 2022.
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