Friday, July 13, 2018

Boardroom Shenanigans Continue at Iconic Haulage, Logistics and Freight Group

Staff News in the Supply Chain This Week Start with Ongoing Row
Shipping News Feature
UK – In a story which runs and runs, the staff news in freight and logistics this week continues an ongoing tale after the situation at Stobart came to a head at the company’s recent Extraordinary General Meeting, which ultimately saw the re-election of Iain Ferguson as a Director and Chairman, following efforts from a group of shareholders holding in excess of 33% to install a replacement. Additionally, Richard Laycock decided to step down as Chief Financial Officer and Executive Director.

The minority group, made up of former Chief Executive Andrew Tinkler, former Director Allan Jenkinson and a fund controlled by investor Neil Woodford began efforts to install retail boss Philip Day as a Director and Chairman of the firm, in place of Ferguson last month. The minority group ultimately needed more than 50% of shareholders to vote against Ferguson and it appeared to have been a close call for the current Chairman who received 51% of the votes in his favour to remain as a Director.

Accordingly, the Board of the Company now comprises: Chairman Iain Ferguson; Chief Executive Warwick Brady; Senior Independent Director Andrew Wood; and Non-Executive Director John Coombs.

Stobart's Articles of Incorporation require a potential Director to provide confirmation as to his willingness to be elected as a Director no later than seven clear days in advance of the meeting to consider his election. Day failed to provide such confirmation on or before July 10 and therefore Day is not eligible to be elected as a Director at the EGM.

From a proposal from the floor, a majority of shareholders, 51%, voted Andrew Tinkler back onto the board, following his removal from the role on June 14 having led the efforts against Ferguson. Following the re-appointment of Tinkler, the Directors, minus Tinkler, subsequently moved to immediately dismiss him once again, a move described by Woodford as 'treating shareholders with utter contempt'.

As a result of the drama of the last few weeks, the company, through the Nominations Committee, will appoint a leading independent search firm to undertake a thorough and rigorous process to identify suitably qualified and independent persons to be appointed as Non-Executive Chairman, as Senior Independent Director and one or more additional Non-Executive Directors.

These changes are intended to result in 'a refreshed and strengthened Board', led by a new independent Chairman and a new Senior Independent Director. The process will start immediately, and all appointments will be made no later than the 2019 AGM.

UK – Ulrich Ogiermann has joined Volga-Dnepr as Senior Vice President for Operations and General Director of CargoLogicManagement, and is based in the UK. Oigermann has more than 25 years of experience in the air cargo industry, service as Chief Cargo Officer for Qatar Airways, between 2012 and 2017. Prior to that, he also served as Chairman of The International Air Cargo Association (TIACA) in 2009 and 2010.

UK – Sir Terry Morgan CBE has been appointed as the new Chairman for HS2 Ltd, taking over from Sir David Higgins, on August 1. Sir Terry has been the Chair of Crossrail since 2009. Additionally, Ed Smith CBE has been named as a non-Executive Director of HS2 Ltd.

John Varley OBE TD has been announced to Chair the review of Network Rail’s approach to vegetation management in England and Wales. Varley, who is currently the Director of Clinton Devon Estates, will take up the post with immediate effect. The review was launched by the Rail Minister in May to consider how Network Rail can best ensure the safety of our railways, while also protecting wildlife and preserving trees.

FRANCE – The International Union of Railways (UIC) has announced François Davenne as the new Director General, effective mid-2019. Prior to taking up the role, he will work as Deputy Director General under Jean-Pierre Loubinoux, current Director General.

US – Northrop Grumman has announced that its Chairman and Chief Executive Officer, Wes Bush, will step down from his role as CEO, effective January 1, 2019. He will remain as Chairman through July 2019.

Kathy Warden, President and Chief Operating Officer, has been named to take over the role as CEO effective January 1, 2019, to become President and CEO. She has been elected to serve as a member of the Board, effective immediately.

US – Greg Tuthill has been named Chief Commercial Officer of SeaCube Container Leasing. Tuthill will lead SeaCube’s global sales, marketing and trading teams. He most recently served as Senior Vice President and Chief Operating Officer, Americas Region, for CMA CGM.

US – GSO, a subsidiary of GLS US, has announced Randall Swart as President. In his role at GSO, Swart will report to Ivan Hofmann, CEO of GLS US.

US – Caterpillar has announced Ogi Redzic as a Vice President to lead the company’s Digital Enabled Solutions Division, effective July 30, reporting directly to Group President of Customer & Dealer Support, Bob De Lange. Caterpillar Vice President Julie Lagacy has led DESD on an interim basis; she will continue in her role as vice president of Global Information Services. Redzic previously served as Senior Vice President of Connected Vehicles and Mobility Services at Renault Nissan Alliance based in Paris, France.

Photo: Former Stobart CEO Andrew Tinkler in happier times.