Stagecoach chief executive retires from bus operator

Stagecoach has unveiled an overhaul of its management team following its takeover by DWS last year.

Martin Griffiths, its chief executive, has retired after a decade at the largest private bus company in the UK. He will be replaced by Ray O’toole, Stagecoach’s current chairman.

Ross Paterson has also stepped down as chief financial officer, to be replaced by Bruce Dingwall, the current director of finance.

The company was bought by German investment fund DWS in a £600m deal last summer.

In the years before the deal, Stagecoach reduced its overseas interests to focus on the UK market. The company generated a profit of £38m last year.