FirstGroup Chairman to step down

FirstGroup Chairman, John McFarlane, is to step down from the role at the Annual General Meeting in July 2015, as a condition of assuming the Chairman’s position at Barclays Plc. John will take on his new role from 1 January 2015, succeeding Sir David Walker. He will receive an annual fee of £800,000 in the new position. The operator is now searching for a replacement for McFarlane.

John McFarlane has previously served as CEO of Australia and New Zealand Banking Group and prior to that was a Group Executive Director at Standard Chartered. He has also held senior positions at Citicorp, including as MD of Citicorp Investment Bank and later head of Citicorp and Citibank in the UK and Ireland.

John McFarlane said, ‘It is with regret that I must take the difficult step of leaving FirstGroup so early in my tenure. I am, though, satisfied with the progress we have made in appointing a strong Board of Directors, in achieving stability, in testing the business plan with the team, and in endorsing the way ahead and we will continue to build on this progress as we go forward. I am confident that we will appoint a highly qualified successor and I will work towards ensuring a seamless transition.’

FirstGroup Senior Independent Director, Drummond Hall, said, ‘It is unfortunate that John will be unable to see his tenure through at FirstGroup, but we all understand the importance of the role at Barclays he has been asked to take on.’

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