Stobart confirms its ex-CEO and Woodford are nominating Philip Day as chair

Stobart Group, the owner of London Southend Airport, has this morning confirmed that shareholders including its former chief executive and Woodford Investment Management are pushing to appoint billionaire Philip Day to the board.

Day, the owner of the Edinburgh Woollen Mill Group which itself looks after brands including Jaeger and Peacocks, has been selected by ex-boss Andrew Tinkler, Neil Woodford's funds and Allan Jenkinson, who together own more than 33 per cent of Stobart.

Shareholders will be asked to vote on whether Day should replace current Stobart chairman Iain Ferguson at the company's AGM, which had been set for 28 June but has been postponed until a "slightly later" date.

Read more: Row at Stobart escalates as ex-CEO accuses directors of defamation

"The nomination committee will consider Mr Days candidature and will advise shareholders in due course of its recommendation in relation to board appointments," Stobart said today in a statement.

The push to get Day into the chairman's seat follows a boardroom row at Stobart in which Tinkler, who is still a director on the board, has been trying to oust Ferguson.

Tinkler has said the argument between himself and Ferguson was "over the implementation of future strategy of the Stobart Group".

However other board directors and Stobart's largest shareholder Invesco have come out in support of Ferguson.

Separately, the board added that it had identified an "excellent female candidate" to replace former City banker John Garbutt, who is standing down from his director role at the AGM.

Read more: Stobart's broker has resigned following a Woodford-backed boardroom row

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