Here’s why
FirstGroup has fired boss Tim O’Toole after a disappointing year and said it was putting its Greyhound bus business in the US under review.
The Great Western Railway owner said Wolfhart Hauser would become executive chairman and Matthew Gregory would take on a chief operating officer role in addition to his duties as chief finance officer.
FirstGroup has reported a £327m loss in the year to 31 March, which compares to a profit of £152.6m in 2017.
Commenting, FirstGroup Chairman Wolfhart Hauser said: “On behalf of the Board I would like to thank Tim for his distinguished leadership of the company since 2010. During that time the Group has reinvested in its businesses, restored free cash generation and substantially strengthened its balance sheet. The Group is now a more stable and resilient enterprise, with a growing ability to capitalise on its leading positions in diverse transport markets.”
Tim O’Toole said: “The time is right for me to step aside. Today’s results clear the way for the new approach sought by our Chairman and the Board. I should like to thank the 100,000 employees who work so hard to deliver for our customers every day. It has been a privilege to work with them.”
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