FirstGroup founder to step down

The founder of transport giant FirstGroup today announced plans to step down from his role as chief executive after 21 years with the company.

Sir Moir Lockhead, a former mechanical engineer who has turned the company into one of the largest transport operators in Britain and America with 130,000 staff, will step down on March 31.

He will be succeeded by former London Underground boss Tim O’Toole, who joined the Aberdeen-based company as deputy chief executive in June.