National Express Group PLC ("National Express" or the "Company"), a leading international transport provider, announces that Chris Davies, Group Chief Financial Officer, has informed the Board of his intention to take up the role of Group Chief Financial Officer at Diploma PLC. The Board has commenced a search to identify a successor.
Chris joined National Express in May 2017 as a member of the Board and Group Executive team, and played a key role in setting the Company's Evolve strategy, its strong recovery post pandemic and the ongoing transition of its fleet to zero emission vehicles. He is subject to a six month notice period and will work with the Board and the Group Executive to ensure a smooth transition.
Ignacio Garat, Group Chief Executive, said: "I would like to take this opportunity, on behalf of all of the Board, to thank Chris for his contribution to National Express over the last 5 years, and in particular for his leadership of the company as Interim CEO for a period during 2020. From a personal perspective, I have very much appreciated Chris's support since I took over as Group Chief Executive in November 2020 and wish him well in his new role."
Chris Davies commented: "I have very much enjoyed my time at National Express. It is a great business, playing an important role in societies across the UK, Europe and North America. As demonstrated by our recent half year results, the Evolve strategy is delivering strong growth with momentum across the portfolio. National Express has a fantastic team and I wish them all the best for the future."
National Express Group PLC
Alison Cole, Group Corporate Affairs and Sustainability Director +44 (07)552 267295
Louise Richardson, Head of Investor Relations +44 (0)7827 807766
Stephen Malthouse +44 (0)7734 956201
Henry Wallers +44 (0)7876 562436
Matt Denham +44 (0)7551 825496
Notes to editors
Notice period & remuneration
Chris Davies is subject to a 6 month notice period. As Chris has resigned from the Board he will not receive any severance or other payment when he leaves the Company.
It is anticipated that Chris will continue to receive his base salary, benefit and pension provision during his notice period. Should Chris's notice period be shortened for any reason, any payments will be subject to normal mitigation.
Consistent with the Company's remuneration policy and relevant share plan rules approved by shareholders, Chris will not receive any bonus for 2022 and any unvested Performance Share Plan Awards and Deferred Annual Bonus Awards will lapse as a result of his resignation. In addition, Chris will not be entitled to receive any further Performance Share Plan awards and Deferred Annual Bonus awards between now and when he leaves National Express.
The Company announced half year results for the six months ended 30 June 2022 on 28 July 2022.