Stagecoach Group plc has announced the following changes to its Board of Directors.
With effect from 1 May 2013:
· Sir George Mathewson, Chairman, to retire as a director;
· Sir Brian Souter, Chief Executive, to be appointed as Chairman;
· Garry Watts, to continue as Senior Independent Non-Executive Director and in addition, to be appointed as Deputy Chairman;
· Martin Griffiths, Finance Director, to be appointed as Chief Executive;
· Ross Paterson, Director of Finance & Company Secretary, to be appointed to the Board as Finance Director.
In addition, the Board intends to appoint a further independent Non-Executive Director, who will chair the Audit Committee.
Background to the changes
Sir George Mathewson and Sir Brian Souter have indicated to the Board their intentions to retire from their current positions as Chairman and Chief Executive respectively. The Board is pleased that they will both continue in their current positions until 1 May 2013 as part of an orderly transition of Board responsibilities, and that Sir Brian Souter will continue in a substantive role with the Company as its Chairman.
Martin Griffiths' role has developed significantly during his twelve years as the Company's Finance Director and he is now involved in all aspects of the management and strategy of the Group. The Board is therefore pleased that Martin Griffiths will succeed Sir Brian Souter as Chief Executive. Ross Paterson has had a senior role in the financial management of the Group over the last thirteen years and the Board is pleased that he will become Finance Director. The Board is also pleased that Garry Watts will assume the new role of Deputy Chairman.