Serco Regulatory News (SRP)

Mark Reid appointed as Group CFO; Nigel Crossley to retire

17 December 2025

Serco Group plc today announces that Mark Reid will join the Board as Group Chief Financial Officer on 6 March 2026 succeeding Nigel Crossley, who is retiring and will step down from the Board on 5 March 2026 after 11 years with the Company.

Mark joins Serco from his role of Group CFO at Proximus, the Belgium telecoms business listed on the Euronext stock exchange. Mark has been with Proximus for nearly five years and during that period he has also held the role of interim CEO of their international division while retaining Group CFO responsibilities. Proximus Group generated €6.4bn revenue in 2024 and has a current market capitalisation of €2.3bn. Mark has over 20 years of international finance experience and previously held senior roles at Liberty Global, Virgin Media, British Airways and Yahoo Inc.

Nigel will step down as Group Chief Financial Officer at the age of 62, having delivered the 2025 results. He will oversee a full handover to Mark, who joins Serco on 9 February 2026 and will become Group Chief Financial Officer and join the Board as an Executive Director on 6 March 2026. 

Anthony Kirby, Group Chief Executive said: "On behalf of everyone at Serco, I would like to thank Nigel for all his hard work, and financial leadership over the 11 years he has been with us, and for the support he has been to me. He leaves the Group's finances in a great position; we have a strong balance sheet, good cash generation and have delivered revenue, profit and margin growth over recent years, as well as establishing a strong team of finance leaders across the business."

With regards to Mark's appointment, Anthony said: "I am delighted we have someone with Mark's skill, background and track record joining Serco. Mark has experience of living and working in North America, Europe and the UK as well as working with government customers and private businesses alike. I am confident he will be a great addition to both the business and the Board."

Keith Williams, Chair Designate and Non-Executive Director, said: "Mark is an experienced CFO with a great background and will be an excellent addition to the Board and the business. On behalf of the Board and all colleagues at Serco, I would like to thank Nigel for his commitment to the organisation where he has played an instrumental role, strengthened our financial foundations and built a talented and experienced Finance team. We wish him well in his future."

Mark Reid said: "Serco delivers important solutions for its customers and society on a daily basis and to have the opportunity to be part of that is an incredible privilege for me. I am thrilled to be joining the Serco team and look forward to being able to contribute to their important mission from February 2026."

Ends.

NOTES

Mark Reid's biography

Mark Reid is currently the Group CFO of Proximus, Belgium's leading telecommunications provider, a position held from 2021 where he led and developed financial strategy, M&A and business transformation across the group. With over 20 years of international senior finance experience across telecommunications, digital media and travel sectors, Mark has held divisional CFO roles at Liberty Global as well as executive financial positions at Yahoo Inc, Travelport and British Airways. He's a Chartered Accountant with the certification from the Chartered Institute of Management Accountants.

There are no additional details to disclose in relation to Mark Reid pursuant to 6.4.8 Listing Rules of the UK of Financial Conduct Authority.

Mark Reid's remuneration

Mark Reid's remuneration as Group Chief Financial Officer will be in line with the Company's approved Directors' Remuneration Policy, and the main elements will be as follows:

On taking up the position of Group Chief Financial Officer on 6 March 2026, Mark's basic annual salary will be £575,000 and he will be ineligible for consideration for a salary review until 2027. Mark will receive benefits in line with the Remuneration Policy including an annual pension contribution (or a cash equivalent) of 8% of base salary (in line with the wider workforce) and relocation support. He will have an annual bonus opportunity up to a maximum of 155% of his basic annual salary (pro-rated for service in 2026) with any bonus over 100% of basic salary deferred into shares for three years. Mark will be eligible to receive an annual LTIP award of up to 175% of his basic annual salary, subject to the terms set out in the Directors' Remuneration Policy. The shareholding guideline policy will apply from the date of appointment.

Full details of Mark's remuneration as Group Chief Financial Officer will be set out in the relevant Directors' Remuneration Report. 

Nigel Crossley's remuneration

A statement of remuneration payments in relation to Nigel Crossley's retirement as required by section 430(2B) of the Companies Act 2006 will be published shortly. All payments will be in line with the shareholder approved Remuneration Policy.

For further information, please contact:

Jamie Hastings, Head of Investor Relations | +44 (0) 7718 195 074 | jamie.hastings@serco.com

Sophie McMillan, Director of Media Relations | +44 (0) 7356 157 071 | sophie.mcmillan@serco.com

About Serco

Serco brings together the right people, the right technology and the right partners to create innovative solutions that make a positive impact and address some of the most urgent and complex challenges facing the modern world. 

With a primary focus on serving governments globally, Serco's services are powered by more 50,000 people working across defence, space, migration, justice, healthcare, mobility and customer services.

Serco's core capabilities include service design and advisory, resourcing, complex programme management, systems integration, case management, engineering, and asset & facilities management.

Underpinned by Serco's unique operating model, Serco drives innovation and supports customers from service discovery through to delivery.

More information can be found at www.serco.com

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