Brian Souter to step down
And sister, Dame Ann Gloag, also to retire
Sir Brian Souter is to step down as Chairman of Stagecoach Group on 31 December 2019.
Sir Brian will continue on the Board as a Non-Executive Director from 1 January 2020. Ray O’Toole, Non-Executive Director, will be appointed independent Chairman from 1 January 2020.
Additionally, Sir Brian’s sister, Dame Ann Gloag and Sir Ewan Brown, both long-serving Non-Executive Directors, will retire from the Board on 31 December 2019.
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.
“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” – Sir Brian Souter.
“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 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.”
Deputy Chairman and Senior Independent Director, Will Whitehorn, will support the transition of the chairmanship. 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.