Martin Griffiths has been appointed as the new chief executive of Stagecoach in a director reshuffle that will see former CEO Brian Souter take up the role of company chairman.
The appointment follows last week’s announcement that Virgin Rail – which is 49 per cent owned by Stagecoach – had lost out to FirstGroup in the race for control of the West Coast Mainline.
Sir Brian Souter, 58, co-founded Stagecoach in 1980.
He said: “I remain committed to the success of Stagecoach and consider now to be an appropriate time to plan to take a step back from the day-to-day management of the business.
I remain committed to the success of Stagecoach and consider now to be an appropriate time to plan to take a step back from the day-to-day management of the business.
“I fully support the board’s decisions to appoint Martin and Ross to their new roles, which reflects a further continuation of the transition in responsibilities that has occurred over recent years. With a combined shareholding of over 25 per cent, my family and I remain committed shareholders in Stagecoach and I will devote whatever time is necessary to effectively discharge my responsibilities as chairman when that time comes.”
Stagecoach, which is currently in the process of bidding for the Thameslink and Great Western franchises, has also announced a 6.2 per cent rise in revenues at its British rail unit in the first quarter of this year.
Martin Griffiths, who was appointed as Stagecoach’s finance director in 2000, said: “I am honoured and delighted to be taking on the position of chief executive.
“I am proud to be part of the Stagecoach success story, working closely with Sir Brian. I look forward to continuing to work with Sir Brian and the team of talented people across the group that underpin Stagecoach’s success.”
