9 JULY 2018
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According to The Sunday Times, Stobart Group chairman Iain Ferguson and chief executive Warwick Brady, the former number two at easyJet, have emerged the winners following a fierce power struggle at the industrial and aviation group.
The AGM, held in Guernsey on Friday, narrowly voted the incumbent management back in place with 51.2% of the votes. Former chairman Andrew Tinkler's bid for control was lost. Tinkler was previously involved in an acrimonious encounter when the original Stobart Group was broken up in 2007 and had been accused of an alleged £8m bonus demand and expenses misuse.
Stobart Group operates Carlisle and Southend airports, Stobart Air, biomass energy and railway maintenance sectors as well as having investments in a national property and a logistics portfolio. It owns the rights to the Eddie Stobart brand licensing it out to the trucking company.
Stobart Air is an Irish registered airline that operates scheduled flights under franchise arrangements with Aer Lingus Regional and Flybe. Southend Airport recently won a five-year contract with Ryanair, Europe’s largest low-cost airline, joining easyJet as a lead operator at the East London airport. (See BTN 18 June)
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