Originally Posted by
asdf1234
As reported earlier here is the text of the board announcement:
Board change
The Company announces that, following the receipt of comprehensive legal advice, it has today served notice on Andrew Tinkler, summarily terminating his employment with the Stobart Group. Mr Tinkler will cease to be a director with effect from today's date.
The Company will also be issuing legal proceedings imminently against Mr Tinkler for, amongst other things, breach of contract and breach of fiduciary duty.
The Company will be writing to shareholders shortly to provide them with further information on the situation, including its concerns that Mr Tinkler and his associates are attempting to secure control of the Company.
Warwick Brady, CEO of Stobart Group, said: "Mr Tinkler's actions, particularly in recent days, have threatened to destabilise the Company and severely impacted my ability and that of my team to manage the business on a day to day basis and deliver the agreed strategy. This is against the interests of all of our shareholders."
Seems unfair that the directors can act against the founder of the company in such a callous way however it is perfectly legal for them to do so. Will this affect the airport? Who knows?
Fairness doesn't come into it, but legality does. Once this is resolved then perhaps Stobart will be perceived by the market and shareholders as less than a cowboy outfit and more a serious multi million pound business.