Stobart Group Ltd (LON:STOB) has reshuffled its board, as the Southend Airport owner had promised after seeing off a shareholder rebellion at last month’s annual general meeting.
The AGM and the run-up to it were characterised by squabbling between former chief executive Andrew Tinkler and his erstwhile colleagues on the board.
READ: Stobart sees off shareholder rebellion
The conflict did not do Stobart’s reputation any good and it has responded by strengthening the board in the hope of creating unity and harmony among the group’s stakeholders.
Michael Williamson is to join as the interim chief financial officer – although he won’t be formally joining the board – taking over from Richard Laycock who chose not to seek re-election last time around.
Nick Dilworth, currently the firm’s commercial director, has been promoted to chief operating officer, while he will also join the board as an executive director.
Also taking a seat at the boardroom table is City PR guru Ginny Pulbrook, who will take up her role as non-executive director in October.
Stobart is looking to appoint at least three more board members before next year’s AGM, including a new senior independent director, at least one more NED, and a replacement for chairman Iain Ferguson.
Ferguson narrowly held onto his job at July’s AGM after Tinkler called for him not to be re-elected, but he has since said that he intends to step aside once a successor is found.
READ: Stobart appoints executive search firm
“We have moved quickly to strengthen the board, and are pleased to have been able to appoint such experienced directors,” said Ferguson.
“Nick and Ginny will make major contributions to delivering our strategy. Nick has already supported the commercial progress of the company through his work with the leadership teams of our operating divisions.
“Ginny will add further commercial insight as well as bringing significant experience of providing strategic advice to the Boards of some of the UK's largest companies. Michael, who has considerable PLC experience, will oversee the group's finance function.”