Stagecoach accountants in major board reshuffle
Sir Brian Souter to move from chief executive to chairman; Martin Griffiths to step up from FD to chief executive
STAGECOACH’S SENIOR EXECUTIVES have been reshuffled. All accountants, the four senior figures will move around from 1 May 2013.
Sir Brian Souter, chief executive and founder of Stagecoach, will move to chairman.
Finance director Martin Griffiths will become chief executive, while director of finance and company secretary Ross Paterson will fill his role.
Non-executive Gary Watts, a former finance director of Medeva and partner with KPMG, will become deputy chairman of the business.
The group has looked to fend off concerns that Sir Brian’s move goes against governance guidelines through Watts’ appointment, which will see Watts oversee corporate governance. Sir Brian’s “unique association” with the company and his knowledge of the transport industry are also key to maintaining his link with Stagecoach.
Griffiths said he was “honoured and delighted” to be taking on the chief role, after 12 years as FD.
“I look forward to continuing to work with Sir Brian and the team of talented people across the group that underpin Stagecoach’s success.
“I would like to congratulate Ross Paterson on his planned appointment as finance director – he has made a great contribution to the group over the last thirteen years and I look forward to continuing to work closely with Ross and the rest of our strong senior management team.”
Its share price is down 6.90p, to 290.30p, in this morning’s trading.
For more companies and markets information, visit the Share Price Centre