Transport group Go-Ahead has announced that its long-running Chairman, Sir Patrick Brown, will be stepping down from the board next year after his retirement.
Brown, who was appointed to the Chairman position in October 2002, said: "Since I joined the board in 1999, the Group has grown significantly and has weathered very well the economic storms of recent years. I am grateful for the opportunity to have worked with Go-Ahead and have enjoyed working with four Chief Executives and the small, but immensely able, board of directors who have helped steer the company over the years.
"The group is now in a strong position to move forward and the time is ripe for me to step down." He intends to leave the board on April 24th 2013.
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He will be succeeded by Andrew Allner, currently a senior independent director for Go-Ahead and the Chairman of the audit committee. Allner takes over on April 25th 2013.
Allner said: "I feel very privileged to be taking over from Sir Patrick and I look forward to working with the board and executive team to create further growth in shareholder value whilst at the same time continuing to improve the already high standard of our bus and rail operations."
The stock fell into the red on the news on Thursday morning, though losses were slightly offset by Jefferies' decision to upgrade its rating on the shares from 'hold' to 'buy'.
Analyst Joe Spooner said: "We are upgrading Go-Ahead [...] for the 6% dividend yield that management looks to secure from bus activities alone by FY16. That leaves any future success in winning new UK rail franchises as an upside opportunity rather than necessity, in our view."
Shares were trading down 1.48% at 1,334p in morning trade.
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