The post of finance director yesterday went to Martin Griffiths, the travel group’s former business development manager. Griffiths replaces Keith Cochrane who was recently promoted to the post of chief executive on the resignation of Mike Kinski.
Cochrane said Griffiths was ideally placed to support the group’s development and had received full support from the board. But, analysts are reported to suspect that Cochrane’s promotion is also a bid to shore up support for Souter.
Stagecoach’s share prices have fallen by two-thirds this year and fears continue to grow about the strength of the board’s independence. In an attempt to allay fears, Stagecoach said Ann Gloag, co-founder and the chairman’s sister, would step down to become a non-executive director.
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