Perth-based Stagecoach siblings, Sir Brian Souter and Dame Anne Gloag, are to step down as revenues falter for the company.
Sir Brian (65) will step down as chairman but stay on the board.
He will be succeeded in January by his deputy, Ray O’Toole.
Meanwhile Dame Ann (77), currently ranked as Scotland’s richest woman, plans to retire completely.
The announcement comes as figures showed revenue dropped significantly as Stagecoach scaled back its interests over the past 18 months.
The brother and sister team co-founded the company in 1980.
Stagecoach started with a handful of second-hand buses, running inter-city services in Scotland.
Stagecoach, with its base in Perth, become one of the UK’s biggest coach and bus operators, employing more than 24,000 people.
The company diversified into running trains.
However, Stagecoach was disqualified by the UK government from running west coast main line services with Virgin in April 2019, over concerns with the firm’s pension commitments.
Stagecoach is taking legal action over the decision.
The company has also shrunk since it withdrew from transport operations in the US.
Stagecoach’s revenue of more than £1 billion in the first half of last year went down to £800 million in the most recent six-month period.
Last week it revealed it now intends to enter the European passenger transport market in a bid to start growing again.
Commenting on his decision to reduce his role, Sir Brian said that he wanted to pursue other interests and spend more time with his grandchildren.
Sir Brian donated £1m to the SNP during the 2014 referendum campaign. His sister Anne is a philanthropist, with business and charity interests across the world.
The family said they would continue as significant shareholders in the company.
