Thursday, 31 May 2018

FirstGroup chief executive Tim O'Toole stepped down with "immediate effect" after £327m loss



FirstGroup chief executive Tim O'Toole has stepped down with "immediate effect" after the bus and train operator reported a huge full-year loss.

 
The company, which owns Great Western Railway (GWR), said it lost £327m in the year to 31 March, compared with a profit of £152.6m last year.


The group's chairman said the results "fell short of our ambitions".


FirstGroup shares were down 10% at 99.9p and have halved in the past year.


First also runs South Western Railway, the Heathrow Airport Connect service and First Bus in the UK, as well as the Greyhound bus business in the US. It employs about 100,000 people.
Mr O'Toole said: "The time is right for me to step aside. Today's results clear the way for the new approach sought by our chairman and the board."




BBC     News.