Stobart Group is set to announce the appointment of a corporate turnaround specialist as its new chairman this week, according to reports.

David Shearer, described as a 'Mr Fix-It', has been chosen to take the reins from Iain Ferguson at the Cumbrian-headquartered group when it announces its results on Wednesday (May 15), according to Sky News.

Mr Shearer is currently none-executive chairman at equipment rental group Speedy Hire, Aberdeen New Dawn Investment Trust plc and the Scottish Edge Fund. 

He is credited with successfully restructuring businesses including Deloitte LLP, Mouchel Group plc and City Inn Limited, with City sources telling Sky News that his reputation for corporate turnarounds swayed the decision of the Stobart Group board. 

While the Carlisle-based company declined to comment on the speculation, his appointment would close the door on a long-running wrangle over the chairmanship of the aviation, energy and civil engineering group.

A tussle over who should head the boardroom table was at the centre of a very bitter public battle between Stobart Group chiefs and Cumbrian businessman Andrew Tinkler, who is widely credited as the brains behind the company’s success.

Mr Tinkler, backed by two other major shareholders, demanded that current chairman Mr Ferguson step down citing serious differences over the future strategy of the group. They also called for Cumbrian tycoon and Edinburgh Woollen Mill Group owner Philip Day – recently named eighth richest person in the North West in The Sunday Times Rich List, with a fortune of £1.2 billion – to replace him.

The Stobart Group board responded by firing Mr Tinkler as an executive director, accusing him of destabilising the company along with other accusations over conduct and expenses. The resulting High Court hearing found that Mr Tinkler was lawfully removed.

Mr Ferguson announced his intention to step down as chairman in July last year, after being narrowly re-elected to the position, and at the height of the boardroom battle.

His decision, part of a wider shake-up of the board, was part of a plan to “re-unite” stakeholders and “avoid further unnecessary and disruptive public argument”, Mr Ferguson said at the time.

Should he arrive, Mr Shearer will join at a busy time for Stobart Group.

Earlier this month, the company raised just over £53 million to fuel the growth in its aviation and energy businesses.

The company is part of the Connect Airways consortium which recently took over struggling airline Flybe, while locally flight are due to take off from the Stobart Group operated Carlisle Lake District Airport on July 4.

And across in the North East, the group was unveiled as the new operator for Durham Tees Valley Airport after entering into a joint venture with its new owners Tees Valley Combined Authority.