FirstGroup directors to quit in wake of AGM spat

FirstGroup has announced two directors, including its longest serving board member, will step down in the latest senior changes at the firm.

FirstGroup has been navigating boardroom conflicts from activist investor Coast Capital. Picture: contributed
FirstGroup has been navigating boardroom conflicts from activist investor Coast Capital. Picture: contributed

The Aberdeen-headquartered transport giant said Jim Winestock, who has sat on the board for more than seven years and chairs the board safety committee, will step down with effect from 30 September. Imelda Walsh, who was appointed in 2014 and has chaired the remuneration committee, will serve as a director until the end of the current financial year “at the latest”.

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The update comes after 37.3 per cent of shareholders voted against re-electing Winestock at the group’s annual general meeting (AGM), while 39.9 per cent of votes went against Walsh.

The AGM also saw chairman Wolfhart Hauser leave his role.

FirstGroup has been navigating boardroom conflicts from activist investor Coast Capital Management for several months, with the US group calling for an overhaul of the company’s strategy.