Flybe backs chairman after investor calls for shake-up

Flybe Monday backed its chairman in the face of a challenge from one of its largest shareholders over its proposed sale. Flybe confirmed that Hosking Partners, which owns 19% of the group, called at the end of last week for the company’s chairman, Simon Laffin, to be ousted. Laffin has been chairman since late 2013. Hosking is pushing to unseat Laffin in a dispute over the 1p-a-share takeover of Flybe by a consortium including Virgin Atlantic and Stobart Air, agreed this month. The sale valued the company’s equity at GBP2.2m, vastly below its closing market value of GBP36m the day before. Hosking wants to appoint Eric Kohn to scrutinise the sale process. Kohn is chairman of Barons Financial Services and has experience in aviation and aerospace deals. <br/>