Rail franchises operators & contracts

31.05.18

FirstGroup boss resigns after £327m loss

FirstGroup boss, Tim O’Toole, has stepped down with immediate effect, following the announcement of the train operator’s financial loss.

In the year ending March 2018, the company reported a full-year loss of £327m – a vast drop from its £152m profit the previous year.

The company, which runs UK rail franchises TransPennine Express, South Western Railway, Great Western Railway and First Hull Trains, suffered a drop in the value of its shares by more than 10% earlier this month.

O’Toole said that the time is right for him to step aside: “Today's results clear the way for the new approach sought by our chairman and the board.”

Following O’Toole’s departure, Wolfhart Hauser will become executive chairman and Matthew Gregory will become interim chief operating officer as well as chief financial officer.

Hauser said: “The board is examining all appropriate means to mobilise the considerable value inherent in the group.”

Top image: Tornadoflight

 

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