FirstGroup founder Lockhead to step down

City A.M. Reporter
British transport operator FirstGroup said chief executive Moir Lockhead would retire next March after 21 years at the helm, with his replacement Tim O'Toole set to take the reins later this year.

Lockhead helped transform the group into one of Europe's largest bus and rail operators from an employee and management buyout of Grampian Regional Transport in 1989.

"Moir has made an outstanding contribution to FirstGroup and to the transport industry as a whole during his long and successful career," Chairman Martin Gilbert said in a statement.

"His work will ensure the continued long term success of the group for many years to come."

FirstGroup, whose British rail business includes the Great Western franchise running into central London, said Lockhead's executive responsibilities would be handed over to incoming CEO Tim O'Toole from 1 November.

O'Toole, previously Managing Director of London Underground, joined FirstGroup's board last year and has held the roles of Chief Operating Officer and Deputy Chief Executive.