Stobart Group appoints search firm to help rebuild board

Stobart is on the lookout for a new non-executive chairman, a senior independent director and one or two additional non-executive directors, as well as an interim chief financial officer to replace Richard Laycock, who has opted not to seek reelection to the role.

Stobart said: "As part of its brief, Russell Reynolds Associates will engage with significant shareholders and consider any candidates who may be recommended by them. The board is aware that Allan Leighton, who had been suggested by one shareholder as a possible candidate for chairman, has advised that he does not wish to be considered."

Furthermore, the company has launched an investigation into concerns over alleged bullying and its whistleblowing process.

Senior employment barrister Alice Mayhew has been appointed to head the investigation and will be seeking to interview all members of the executive leadership team, among others, as part of her investigation.

The move follows a dramatic boardroom battle surrounding a bid by Stobart’s former chief executive Andrew Tinkler to remove chairman Iain Ferguson, which resulted in multiple legal claims from both parties.

Stobart shares were up 0.63% at 238.00p at 1207 BST.