Sir Brian Souter is to step down as Chairman of Stagecoach Group on 31 December, the company has announced. He will remain as a non-executive Director.
Sir Brian (pictured) will be succeeded as Chairman by Ray O’Toole, who is currently a non-executive Director. Chairman and senior independent Director Will Whitehorn, who will step down from the board on 30 June 2020, will support the transition.
Additionally, Dame Ann Gloag, who serves as a non-executive Director, will retire on 31 December.
Says Sir Brian Souter: “At the age of 65, the time is right for me to step down as Chairman to spend time on my other interests and with my family, including my three young grandchildren.
“My family and I continue to have a significant shareholding in Stagecoach. I have every confidence in the management team, our strategy and the positive future prospects of the business.”
Meanwhile, Stagecoach says that it is “ready to roll out a new overarching brand proposition.”
The brand “is about far more than a new identity for our vehicles,” it adds. The overhaul will incorporate a new vision and values, the roll out of commercial initiatives and an extensive marketing campaign.
The group’s results for the half year to 26 October show its UK Bus regional operations returned an operating profit of £57.1m on a turnover of £535.1m. While turnover has increased slightly over the same period in 2018/19, operating profit dropped by 12.4%. Revenue per vehicle mile grew by 1.0%.
