Stagecoach Group has announced the transition to a new management team.
Chief executive Martin Griffiths has decided to retire, while chief financial officer Ross Paterson is also stepping down. They will leave the business in March after a structured handover period.
Current chairman Ray O’Toole will now become executive chairman with immediate effect - leading the executive team - while current director of finance Bruce Dingwall will become chief financial officer from 1 February.
UK managing director Carla Stockton-Jones will continue to lead the day-to-day operations of the business.
Griffiths has been chief executive since 2013 and has had a career spanning more than 25 years with the company, while Paterson has worked with Stagecoach for more than 23 years, holding the position of CFO for almost 10 years.
The changes follow Stagecoach moving from being a global, multi-modal business with extensive overseas interests, to a group focused principally on buses and the UK.
The Perth-headquartered company de-listed from the London Stock Exchange last summer, becoming a private company, and last month it reported a positive first set of financial results under new ownership.
Last year, Stagecoach became part of a portfolio of transport and infrastructure assets managed by DWS Infrastructure, after accepting a £595m takeover bid.
O’Toole said: “Stagecoach’s strength has always been its ability to constantly evolve and to use its energy and entrepreneurial flair to capitalise on new opportunities - I’m delighted to have the opportunity to lead such a talented and experienced team as we enter an exciting new phase of growth for the business as a UK-focused private company under new ownership.
“On behalf of the board, I would like to thank Martin and Ross for their loyal service over many years, they have both made a significant contribution to the success of the business and I wish them well for the future.
“Stagecoach has a clear strategy to grow our business, and our most recent results have demonstrated we have good momentum.”
Griffiths said: “After playing my part in successfully transitioning the company to its new ownership, I believe it is the right time for the business to have new leadership on the next phase of its growth.”
Ross Paterson added: “After a lengthy career with Stagecoach and a busy period to deliver a successful transition to the company’s new ownership, I’ve decided now is the right time to leave the business and focus on new challenges.
“I would like to thank Martin, my colleagues in the finance team, and many others across the wider business for their support and professionalism over many years, as well as wishing Bruce Dingwall well in his well-deserved move to become CFO.”
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