Mathewson steps up to the chair at transport group Stagecoach

Published on Wednesday 18 August 2010 21:28

SIR George Mathewson, a doyen of the Scottish business sector and former chief executive and chairman of Royal Bank of Scotland, is to become chairman of Stagecoach from 1 January 2011, the transport group announced yesterday.

Mathewson, who is Stagecoach's senior independent non-executive director, will succeed Robert Speirs who is stepping down after eight years as chairman and 15 years with the group. Speirs is a former finance director of RBS.

Brian Souter, the founder and chief executive of Stagecoach, said Speirs' "knowledge, experience and wise counsel have been invaluable to the company during his time as a director".

Souter said Mathewson had already made a significant contribution to the success of the bus and rail group since his appointment as a non-exec in 2006. Having been chairman of RBS until his retirement in 2006, Mathewson, said Souter, "has prior experience of chairing a major listed company".

Speirs said he had "enjoyed the last 15 years immensely" and was "proud of the leading role Stagecoach has taken over that period in transforming public transport and attracting more people to 'greener', smarter travel".

As part of the management changes at Stagecoach, which earlier this week reported strong revenue growth across its UK and North American operations since last spring, Garry Watts will become the senior independent non-executive director from 1 January.

Mathewson will also take over the role of chairman of the group's nomination committee from Speirs, while Phil White will become chairman of the remuneration committee. The company also said it was to appoint another non-executive director.

Mathewson, the current chairman of the remuneration committee, said he was "delighted" at the appointment. He said Stagecoach was a leader in its sector and he was "excited by the prospects for the group and look forward to ensuring we deliver on our growth strategy and provide good returns to shareholders".