National Express shares (LON: NEX) fell over 3% on Monday’s opening as the group announced a new chief executive.
The FTSE 250 transport firm said Ignacio Garat will replace Chris Davies as the new chief executive from 1 November.
Ignacio was previously the Senior Vice President Southern Europe, France, and Benelux Operations for FedEx and will receive a base salary of £575,000.
In a statement released on Monday, Sir John Armitt, National Express chairman, said: “I am delighted to welcome Ignacio to National Express Group.
“Ignacio has the extensive international operational and strategic experience to lead National Express Group through the challenges presented by the pandemic, as well as the significant future opportunities that exist. Ignacio’s track-record of focusing on safety, operational excellence and strong financial performance, aligns closely with National Express Group’s priorities. On behalf of the whole Board, I look forward to working with Ignacio in the months and years to come and thank Chris Davies for his steady hand during his time as interim Group Chief Executive.”
Garat said: “I have watched National Express Group’s growth in recent years to become the leader in its sector, so it is a privilege to be given the opportunity to lead the company as it navigates the pandemic and positions itself for future growth.
“National Express has an international portfolio of market-leading businesses and a strong reputation for service and safety excellence. I look forward to working with my new colleagues to drive further improvement and deliver for both the communities we serve and our investors,” he added.
National Express shares (LON: NEX) are down 3.97% at 167,95 (1002GMT).
