Trainline shares down 10% as CEO steps down

Train
Trainline shares drop amid pandemic.

Trainline shares (LON: TRN) fell over 10% on Tuesday morning after the group said that its chief executive, Clare Gilmartin, will be stepping down.

Gilmartin will be replaced by Jody Ford, who previously held the role of Chief Executive Officer at Photobox Group.

Trainline has had a difficult year amid the pandemic and travel grinding to a halt. Last month saw ticket sales fall to less than a fifth to the same period a year previously.

Ticket sales crept back up over summer as lockdown restrictions eased, however, business tickets are just 4% of last year.

Gilmartin said: “The decision to step down next year is a personal one; after seven years at the helm the time has come for me to spend more time with my family. I am immensely proud of our progress over the last several years – including driving the advancement of digital ticketing and the customer shift online, our international expansion and our track record for meeting and exceeding expectations, particularly in our first year as a public company. I work alongside an amazing team, who I know will continue this strong performance, innovating for customers and driving growth for the industry.”

Gilmartin will continue at Trainline as a Senior Advisor, supporting the management team and the group’s wider industry partners.

Ford commented: “I joined Trainline because I believe it is a tech innovator with huge growth potential and a purpose that is central to its business: to encourage greener travel choices. I am very much looking forward to bringing my digital experience to bear as CEO and continuing Trainline’s focus on working with the rail and coach industry to make travel as easy and friction-free as possible for millions of customers in Europe and beyond.”

Trainline shares (LON: TRN) are down 10.09% at 299,40 (1043GMT).