Former National Express Group CEO, Phil White, is to take the reins at Mobico, National Express’s parent company. The business’s current CEO, Ignacio Garat, has announced he is to step down from his position tomorrow (30 April 2025).

The news follows Mobico’s shares plummeting over 30% after it announced the sale of its North American school bus business.

The company has now sold its North America School Bus operation to I Squared Capital, an investment firm that completed an acquisition of Arriva in June 2024. Mobico made the sale for an Enterprise Value of up to $608m/£455.51m. The sale is expected to complete early in the third quarter of 2025.

The Group has today (29 April 2025) reported an adjusted operating profit in line with market guidance in the 12 months ended 31 December 2024, growing 11.3% to £187.7m. It reported a statutory operating loss after tax of £793.8m.

Phil White’s return

Ignacio Garat, CEO, will be stepping down from his position with effect from 30 April 2025. Ignacio joined Mobico in 2020 and will remain with the Group for the next three months, moving to an advisory role to support a smooth transition.

The Board will launch a search for his successor with Phil White, Chair designate, taking on the role of Executive Chair on an interim basis with effect from 1 May 2025. Phil was previously CEO of National Express Group between 1997 and 2006.

Phil was originally appointed as Chair of the Board with effect from 1 May 2025 in March this year.

“The last two years have not been without their challenges as we have had to respond and adapt to a series of market headwinds” – Ignacio Garat, CEO

Ignacio Garat, CEO, said: “The last two years have not been without their challenges as we have had to respond and adapt to a series of market headwinds. However, I’m proud of the role our 51,500 employees carry out each and every day to help support our customers and the communities they serve. It has been a privilege to work alongside the team.”

UK bus business’ ‘good progress’

The most recent 12-month figures showed good progress in Mobico’s UK bus business, with an improved funding agreement agreed with Transport for West Midlands (TfWM) for 2025 providing what it describes as an important first step towards sustainable profitability. This section of the company’s business benefitted from an increase in demand for services and the benefit of price rises, with commercial passenger numbers up 9.5% and a price increase from July 2024 of 6% being implemented.

Significant restructuring within Mobico’s UK Coach division is making progress, it says, with margin upside expected in FY 25 from a range of different initiatives.