19 Aug 2010 12:00
19 August 2010
Directorate changes
Stagecoach Group plc ("the Company") is pleased to announce the appointment of Sir George Mathewson as Chairman of the Company with effect from 1 January 2011.
Sir George Mathewson, who is currently the Company's Senior Independent Non-Executive Director, will succeed Robert Speirs, who has indicated his intention to step down as Chairman of the Company after eight years in the position. A resolution will be proposed to shareholders to re-elect Robert Speirs as a director at the Company's Annual General Meeting being held today and, subject to re-election, he will step down as Chairman and leave the Board of the Company on 1 January 2011.
Garry Watts will become the Senior Independent Non-Executive Director of the Company with effect from 1 January 2011.
In addition to assuming the role of Chairman, Sir George Mathewson will also take over the role of Chairman of the Nomination Committee from Robert Speirs. Phil White will become Chairman of the Remuneration Committee.
The Board intends to appoint a further independent Non-Executive Director and Sir George Mathewson will leave the Remuneration Committee once the new Non-Executive Director is in place.
Commenting on the planned changes, Brian Souter, Stagecoach Group Chief Executive, said:
"Bob Speirs has been a director of the Company for over fifteen years and has been Chairman for the last eight years. His knowledge, experience and wise counsel have been invaluable to the Company during his time as a Director. Bob will leave the Company with the sincere gratitude of the Board and with our best wishes.
"Sir George Mathewson has already made a significant contribution to the success of the Company since his appointment as a non-executive director in 2006. He was Chairman of The Royal Bank of Scotland Group plc until his retirement in 2006. He therefore has prior experience of chairing a major listed company and the Board is pleased that he has agreed to take up the position of Chairman of the Company."
Robert Speirs, said:
"I have enjoyed the last fifteen years immensely and have been privileged to have worked with and received the support of a talented group of fellow Directors and an excellent senior management team.
"I am proud of the leading role Stagecoach has taken over that period in transforming public transport and attracting more people to greener smarter travel. As Chairman of the Board, I am also pleased at the returns the Group has delivered to its investors.
"I am confident the Board and Sir George as Chairman will continue to take decisions and pursue a strategy that is in the best interests of our customers and shareholders in the years ahead."
Welcoming his appointment, Sir George Matthewson said: "I am delighted to have been given this opportunity. Stagecoach Group is a leader in its sector and we have a strong Board and high calibre senior management team. I am excited by the prospects for the Group and look forward to ensuring we deliver on our growth strategy for the business and provide good returns to our shareholders."
For further information, please contact:
Stagecoach Group plc www.stagecoachgroup.com
Martin Griffiths, Finance Director 01738 442111
Steven Stewart, Director of Corporate Communications 07764 774680
Ross Paterson, Director of Finance & Company Secretary 01738 442111