Appointment of Group Chief Executive Officer
Ignacio Garat, new Group Chief Executive, National Express Group
National Express Group PLC is pleased to announce the appointment of Jose Ignacio Garat as Group Chief Executive with effect from 1 November 2020. Chris Davies will step down as interim Group Chief Executive from this date but remain as Group Finance Director.
Ignacio was, until recently, Senior Vice President Southern Europe, France and Benelux Operations for FedEx. In his senior leadership positions in TNT and then FedEx, among a number of senior positions, Ignacio led the transformation of a multi-billion dollar business with operations in 22 countries and 22,000 staff, positioning it for strong international growth. Ignacio has demonstrated strong operational, M&A and strategic leadership, with a particular emphasis on safety and using technology to drive service excellence and efficiency.
Sir John Armitt, National Express Group Chairman, said: “I am delighted to welcome Ignacio to National Express Group. Ignacio has the extensive international operational and strategic experience to lead National Express Group through the challenges presented by the pandemic, as well as the significant future opportunities that exist. Ignacio’s track-record of focusing on safety, operational excellence and strong financial performance, aligns closely with National Express Group’s priorities. On behalf of the whole Board, I look forward to working with Ignacio in the months and years to come and thank Chris Davies for his steady hand during his time as interim Group Chief Executive.”
Ignacio Garat added: “I have watched National Express Group’s growth in recent years to become the leader in its sector, so it is a privilege to be given the opportunity to lead the company as it navigates the pandemic and positions itself for future growth. National Express has an international portfolio of market-leading businesses and a strong reputation for service and safety excellence. I look forward to working with my new colleagues to drive further improvement and deliver for both the communities we serve and our investors.”
The company confirms that no information is required to be disclosed pursuant to Listing Rule 9.6.13.
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014
About National Express
National Express is a leading passenger transportation provider with bus, coach and rail services in the UK, North America, continental Europe, North Africa, and the Middle East.
Anthony Vigor, Director of Public Policy and External Affairs 07767 425822
Neil Bennett, Maitland/AMO 07900 000777
- Ignacio Garat’s appointment terms are in accordance with the Company’s current Directors’ Remuneration Policy approved by shareholders (the “Policy”). Ignacio will receive a base salary of £575,000 and a pension contribution or allowance of 3% of salary (which is aligned with the pension rate of the majority of the Company’s UK workforce). From 1 January 2021 Ignacio will be eligible to participate in the Company’s executive director bonus plan with a maximum annual bonus opportunity equal to 150% of salary (with a proportion of any bonus paid deferred in accordance with the Policy). In addition, from 2021 he will be eligible to participate in the Company’s Long Term Incentive Plan involving the grant of awards of nil cost options over Company shares with a maximum value at grant equal to 200% of salary, which awards vest subject to the achievement over a three year period of a range of financial and ESG-related performance targets. Further details of Ignacio’s remuneration, which also includes certain standard benefits in kind and a modest relocation package, will be set out in the Company’s Annual Report on Remuneration for its financial year ending 31 December 2020.
- This announcement is made pursuant to LR 9.6.11R(1), LR 9.6.11R(3), LR 9.6.11R(4) and LR 9.6.13R of the Listing Rules and is classified as regulated information under 3.1 of DTR 6 Annex 1R of the Disclosure Guidance and Transparency Rules