FirstGroup CEO Tim O’Toole leaves abruptly

  • Push-out Score determined
  • After almost eight years in the position
  • Accolades, praise and thanks for O’Toole
  • Search for a successor
  • O’Toole said 53 words

(exechange) — Aberdeen, United Kingdom, May 31, 2018 — Tim O’Toole, chief executive of FirstGroup, leaves. It is an abrupt change. As announced by FirstGroup plc in a regulatory filing published on Thursday, May 31, 2018, Timothy T. (Tim) O’Toole leaves his post as Chief Executive Officer at the coach and rail company after almost eight years in the role, effective immediately.

FirstGroup will undertake a search for a successor.

“Clear the way for the new approach sought by our Chairman and the Board”

O’Toole’s sudden departure from the CEO post is explained as follows. Tim O’Toole said in a fairly blunt statement: “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.”

Precise information about O’Toole’s future plans was not immediately available.

“Stepping down”

FirstGroup said: “Tim O’Toole is stepping down from the Board and his position as Chief Executive today with immediate effect.”

Share price decline

The change follows a decline in the share price of FirstGroup plc since May 2017.

Chaired by Wolfhart Hauser

FirstGroup plc is chaired by Wolfhart Hauser.

In the position of CEO since 2010

Timothy T. O’Toole has been the Chief Executive Officer of Firstgroup plc since November 1, 2010 and has been its Executive Director since May 7, 2009.

Prior to joining the Company, he was Managing Director, London Underground, having previously been at Transport for London.

He was President and Chief Executive of Consolidated Rail Corporation and a Non-Executive Director of CSX Corporation until March 2017.

Other appointments are: Independent Non-Executive Director of Edison International and Southern California Edison (Edison). He also serves as a member of Edison’s Compensation and Executive Personnel and Finance, Operations and Safety Oversight Committees. He is a Board member at the US National Safety Council since September 2017.

Push-out Score determined

The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.

Read the full story in the exechange report 23.2018 ($).