Stobart investors call for boardroom shake-up

Some of Stobart’s shareholders have called for the chairman to be replaced by billionaire retail tycoon Philip Day, the logistics group admitted on Tuesday.

The FTSE 250 firm said it has had a request from shareholders who own 33%, to appoint Edinburgh Woollen Mill Group’s owner Day to the board and then invite him to be chairman.

Those investors include former chief executive Andrew Tinkler, funds run by investment guru Neil Woodford, and former Stobart director Allan Jenkinson.

They want Day, who is behind the Jaeger brand, to replace Iain Ferguson. He is not thought to have served on a public company board before.

A boardroom row at London Southend Airport-owner Stobart has escalated since last month when Tinkler said he would vote against Ferguson’s reappointment because of a dispute over strategy.

Stobart said its nomination committee will consider Day’s candidature and advise shareholders in due course. The firm’s annual meeting had been set for June 28, but has now been postponed until later.