Transport company chief to retire

Bus and rail group Go-Ahead announced today that its chief executive was stepping down.

Go-Ahead said Martin Ballinger, 60, intended to retire at the end of December.

Mr Ballinger has headed Go-Ahead since 1982 and steered it through bus industry deregulation in 1986, the group’s management buyout in 1987 and its stock exchange listing in 1994.

He reportedly held a personal stake of £41m (€61m) in the firm in February and was set to receive £1.2m (€1.7m) in dividends this year.

Under his leadership, the Newcastle-based group has built up a portfolio of bus operations in cities across the UK including London, Oxford and Brighton, as well as a number of rail franchises.

The group continues to own Bedford-Brighton operator Thameslink and has taken over South Central from axed French rail operator Connex.

It lost its Thames Trains commuter franchise earlier this year to rival First Group.

Thames received a record £2m (€2.9m) fine last month over its involvement in the Paddington rail crash, which claimed 31 lives.

The franchise admitted two health and safety offences and was also ordered to pay prosecution costs of £75,000 (€112,000).

Mr Ballinger, the chairman of Thames, said at the time that the value of the fine was “irrelevant” to the grief and suffering of the bereaved and injured at Ladbroke Grove.

Go-Ahead announced in February that half-year profits had risen by 43% to £47m (€70m).

Mr Ballinger qualified as an accountant in 1968 and held various accounting posts before joining the National Bus Company in 1972.

Chairman Sir Patrick Brown said the board had accepted Mr Ballinger’s resignation “with great regret”.

“From the buyout of a small bus company in Gateshead, he has inspired the creation of a very successful listed public limited company valued by the market at £650m (€973m),” Sir Patrick said.

“It is an extraordinary achievement of which he can be very proud.”

Go-Ahead said its deputy chief executive, Chris Moyes, 54 – who was a core member of the buyout team in 1987 – would become the group’s new chief executive from January 1 next year.

Mr Brown said the group intended to continue its “successful formula” of focusing on the south of England.

“We are confident in the future with Chris Moyes,” Sir Patrick said.