10 June 2015
FirstGroup plc
Directorate Change
FirstGroup plc ("FirstGroup" or "the Group") announces that
Chris Surch, Group Finance Director,
has decided to retire from the Group for personal reasons.
His notice period ends on 8 January
2016. The Board has commenced a formal search for his
replacement.
Commenting, Tim O'Toole, Chief
Executive, said:
"On behalf of the Board and everyone at FirstGroup, I would like
to thank Chris for his commitment and contribution to the Group
since he joined in 2012. During this time of significant
transformation he has played a key role in placing the business on
a stronger footing for the future. We respect his decision to
step down from a full-time executive role and he leaves with our
good wishes for the future."
Commenting, Chris Surch said:
"My time at FirstGroup has been immensely fulfilling however, it
is time for a change of pace in my career. While I will be
sad to leave, I am confident the Group is now well placed to face
the future with the appropriate programmes in place to deliver
improved performance and sustainable value creation for the longer
term."
Contacts at FirstGroup:
Rachael Borthwick, Group
Corporate Services Director
Faisal Tabbah, Group Investor
Relations Manager
Stuart Butchers, Group Head of Media
Tel: +44 20 7725 3354
Contacts at Brunswick PR:
Michael Harrison / Andrew Porter, Tel: +44 20 7404 5959
Notes
The following information is provided in relation to Chris
Surch’s retirement, in accordance with section 430(2B) of the
Companies Act 2006. Chris will be treated as a ‘good leaver’
for the purposes of his outstanding awards under the Group's
incentive arrangements.
Long Term Incentive Plan (LTIP): Awards made in 2013 and 2014
over 463,678 and 417,891 shares respectively will vest as soon as
practicable following the end of the relevant three year
performance periods on 1 April 2016
and 1 April 2017, respectively,
subject to the satisfaction of the applicable performance
conditions and the rules of the plan. Awards will be reduced
pro rata to the date of his cessation of employment. Chris
will not be entitled to any further grants of LTIP awards.
Executive Annual Bonus Plan (EABP): Outstanding awards made in
2013 and 2014 over 73,875 and 99,137 shares respectively will vest
in full on the normal date of vesting set at the time of grant
(1 April 2016 and 1 April 2017 respectively), subject to the rules
of the plan. An award in respect of the financial year ended
31 March 2015, as determined by the
Remuneration Committee, will be paid in cash and deferred shares in
the normal way. Chris will be eligible to receive a pro rata
award in respect of the financial year ending 31 March 2016, as determined following the end of
that financial year by the Remuneration Committee and subject to
the rules of the plan.
FirstGroup plc (LSE: FGP.L) is the leading transport operator in
the UK and North America. With approximately £6 billion in
revenues and around 110,000 employees, we transported around 2.4
billion passengers last year. Each of our five divisions is a
leader in its field: In North America, First Student is the largest
provider of student transportation with a fleet of around 49,000
yellow school buses, First Transit is one of the largest providers
of outsourced transit management and contracting services, while
Greyhound is the only nationwide operator of scheduled intercity
coach services. In the UK, FirstGroup is one of Britain's largest bus operators running a
fleet of some 6,300 buses, and we are one of the country’s most
experienced passenger rail operators, carrying around 280 million
passengers last year.
Our vision is to provide solutions for
an increasingly congested world... keeping people moving and
communities prospering.
Visit our website at www.firstgroupplc.com