Stagecoach Group has announced a number of planned changes to its board of directors which include Sir Brian Souter stepping down as Chairman and fellow co-founder Dame Ann Gloag retiring completely
Stagecoach Group announced on Wednesday 11 December that significant changes to the Board of Directors are planned at the end of this month.
These changes include the co-founders of Stagecoach, which was established in 1980.
Sir Brian Souter will be stepping down as Chairman to become a Non-Executive Director from 1 January 2020, Dame Ann Gloag will be retiring from the board on 31 December after being a long serving Non-Executive Director.
Commenting on the planned Board changes, Sir Brian Souter said: “At the age of 65, the time is right for me to step down as Stagecoach 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 and I have every confidence in the management team, our strategy and the positive prospects of the business. I look forward to continuing to represent the interests of stakeholders as a Non-Executive Director on the board.”
Ray O’Toole, who is currently a Non-Executive Director and has several decades experience in senior public transport sector roles, will be appointed independent Chairman from 1 January 2020.
Ray O’Toole said: “The contributions of Sir Brian Souter and Dame Ann Gloag both to the public transport industry and to Stagecoach as co-founders, senior executives and directors cannot be overstated. The insight and wisdom of Sir Ewan Brown over his many years as a director of the company have also been key in its success. On behalf of the company, I extend my sincere thanks to all three of them and I look forward to continuing to work with Sir Brian and having access to his insight on the board. “I am delighted to have the privilege of succeeding Sir Brian as Chairman of Stagecoach, a company which continues to innovate and lead the sector, and deliver consistently for its customers. Most of my career has been in public transport and I am confident about the prospects for sustainable mass transit and for Stagecoach.”
Other board changes will see Deputy Chairman and Senior Independent Director, Will Whitehorn support the transition of the chairmanship from Sir Brian Souter to Ray O’Toole. As previously announced, Will Whitehorn will step down from the Board on 30 June 2020. At that point, reflecting the fact an independent Chairman is in place, the role of Deputy Chairman will be discontinued.
Gregor Alexander, Non-Executive Director, will succeed Will Whitehorn from 1 July 2020 as the Senior Independent Director, and Sir Ewan Brown, a long-serving Non-Executive Director, retiring from the board on 31 December.
Following these changes, the company’s board of directors will consist of seven directors: An independent, non-executive Chairman; three other independent, non-executive directors; one non-executive director who is not considered independent; two executive directors; the chief executive and the finance director.
The board changes and its succession planning also reflect the significant changes over the past two years in the scale of the Group and the markets in which it operates.
