Former Arriva Chief Executive and McGill’s Buses non-executive Director David Martin has been appointed Chairman of FirstGroup. He succeeds Wolfhart Hauser, who stepped aside in June after concerted pressure from US-based activist hedge fund Coast Capital.
Mr Martin joined Arriva’s board in 1998 and took over leadership of the company in 2006. He left Arriva in 2017 and later took up a position on the McGill’s board. It remains to be seen whether Mr Martin’s appointment will impact FirstGroup’s plans to “separate” its UK bus arm.
Immediately following Mr Martin’s appointment, Interim Chairman and Senior Independent Director David Robbie noted that he has extensive experience in “delivering strategic transactions – including disposals.”
Mr Martin’s name had previously been put forward as being a member of FirstGroup’s board by Coast Capital, although it has been suggested that he did not actually consent to be nominated.
He says: “I am pleased to be joining FirstGroup at a key point in its development. Undoubtedly there are challenges that we must overcome, but I am confident in the opportunity that exists to unlock considerable value within the group.
“By ensuring the most effective and appropriate means of value creation, I look forward to playing a pivotal role in achieving a successful outcome in the interests of all stakeholders.”
McGill’s Director Sandy Easdale has paid tribute to Mr Martin’s contribution to McGill’s. “We wish him well. As we became a major player in the Scottish transport industry, it was great to have a man with such knowledge and professionalism with us.”
