Chief executive Martin Griffiths and chief financial officer Ross Paterson are both departing the Perth-headquartered group, which last year accepted a £595 million takeover offer from German asset manager DWS Infrastructure. It is now a private company and last month the group reported a positive first set of financial results under its new ownership. Griffiths and Paterson will leave the business in March after a “structured handover period”, the firm said.
Under a new management structure, Ray O’Toole, currently Stagecoach chairman, who has been a non-executive director of the company since 2016, becomes executive chairman with immediate effect. Stagecoach noted that he has four decades’ experience in the transport sector across various operational and board roles, and he will lead the executive team. Bruce Dingwall, currently director of finance, and who has been with the firm for nearly ten years, will become chief financial officer from February 1. In addition, Carla Stockton-Jones will continue to lead the day-to-day operations of the business.
The firm said it was looking to “capitalise on the exciting opportunities ahead for greener public transport and the key role it can play in delivering on the country’s ambitions”. It noted that in recent years it has moved from being a “global multi-modal business with extensive overseas interests” to a company focused chiefly on buses and the UK.
O’Toole said: “Stagecoach’s strength has always been its ability to constantly evolve and to use its energy and entrepreneurial flair to capitalise on new opportunities. I’m delighted to have the opportunity to lead such a talented and experienced team as we enter an exciting new phase of growth for the business as a UK-focused private company under new ownership. On behalf of the board, I would like to thank Martin and Ross for their loyal service over many years. They have both made a significant contribution to the success of the business and I wish them well for the future.
“Stagecoach has a clear strategy to grow our business, and our most recent results have demonstrated we have good momentum. We look forward to working with our government and other partners to deliver on the significant opportunities ahead,” he added.
Griffiths said: “I’m incredibly proud to have been part of the Stagecoach journey for over 25 years and been part of the incredible success the group has delivered as well as the positive contribution it has made to communities across the UK. Deciding to leave a business that has been such a major part of my career and one where I have made so many friends has not been easy, but I wish my colleagues and the company every success moving forward.”
Paterson added: “After a lengthy career with Stagecoach and a busy period to deliver a successful transition to the company’s new ownership, I’ve decided now is the right time to leave the business and focus on new challenges.”