Thursday 15 August 2019 8:36 am

First Group appoints former Arriva boss as chair

Trainline and Firstgroup shares fell this morning after Labour pledged to renationalise Britain's railway network within a first term. — Shares in both Firstgroup and Trainline have performed well over the last 12 months.

Travel company First Group has appointed former Arriva chief executive David Martin as its new chair.

The appointment comes the day after First won a tender to run the West Coast mainline alongside Italian firm Trenitalia.

Former chair Wolfhart Hauser resigned in June after 30 per cent of investors voted against his re-election.

Hauser was targeted alongside the rest of Coast’s board by activist investor Coast Capital which was seeking to prevent First taking on any more frail franchises.

First made writedowns of more than £100m on both its South Western and Transpennine franchises.

Martin was chief executive of transport company Arriva between 2006 and 2016.

He is currently senior independent director at waste management company Biffa and served as the company’s interim chair for six months.

Robbie said: “David is a strong leader with significant experience in business turnaround and performance improvement within the sector and more broadly. He has extensive knowledge of international transport contract businesses and in delivering strategic transactions, including disposals. His expertise and focus will be invaluable in driving forward the plans to rationalise the Group’s portfolio and create value for shareholders.”

Martin said: “Undoubtedly there are challenges which we must overcome, but I am confident in the opportunity that exists to unlock the considerable value within the Group. By ensuring the timely delivery of the most effective and appropriate means of value creation, I look forward to playing a pivotal role in achieving a successful outcome in the interests of all stakeholders.”