LONDON (Reuters) - Stobart (STOB.L) investor Neil Woodford on Monday said Chairman Iain Ferguson should resign and reiterated his preference that English businessman Philip Day be elected to the board.
Disagreements among the infrastructure and support services group’s board have already seen director and former chief executive Andrew Tinkler sacked, and investors including Woodford seek to elect Day to the board.
Woodford, the second-biggest investor in Stobart according to Thomson Reuters data, said a new chairman was needed to restore stability and “ensure that shareholder value creation continues in the manner that we have become accustomed to”.
Day had “extensive experience managing and leading diverse businesses in challenging environments whilst delivering excellent returns to shareholders”, Woodford said in a statement.
“I believe he will be a very strong and effective leader of Stobart Group at a time when the business needs just that. Ultimately, I would like him to become Chairman but that will be up to the Board to decide.”
(This version of the story corrects to read English (not Scottish), paragraph 1
Reporting by Simon Jessop; editing by Carolyn Cohn