By Simon Zekaria
LONDON--U.K.-based public transport operator FirstGroup PLC
(FGP.LN) said Wednesday that it has appointed Wolfhart Hauser,
chief executive of product testing firm Intertek Group PLC
(ITRK.LN), as its chairman.
Mr. Hauser replaces John McFarlane, who is joining Barclays PLC
(BARC.LN) as the bank's next chairman following an announcement
last year. Mr. Hauser will join the FirstGroup board as chairman
designate on May 18 and become chairman following the annual
general meeting on July 16, the group said.
Mr. Hauser, who has been at the helm of Intertek for 10 years,
will step down as Intertek CEO and board member on May 15, it
added. He is a non-executive director of consumer and retail group
Associated British Foods PLC (ABF.LN), and at publisher Reed
Elsevier PLC (REL.LN) and Reed Elsevier NV (REN.AE).
"He has a strong track record of driving profitable growth and
value creation in a large international organization, as well as
significant board experience in major U.K.-listed companies," said
FirstGroup independent director Drummond Hall.
Mr. Hauser said he will work to improve the group's "returns,
resilience and growth prospects to levels befitting its leading
market positions in the U.K. and North America."
He will be paid a salary of 280,000 pounds ($422,000) a year as
FirstGroup chairman, the company said.
At 0841 GMT, FirstGroup shares were up 1.9% at 100.3 pence. The
appointment is welcomed, said Shore Capital analyst Martin Brown.
He noted that during Mr. Hauser's 10-year tenure as Intertek CEO
the company's shares have trebled in value, with dividend payments
over that period adding to the significant shareholder value that
has been created.
"On a personal note, we do not know Wolfhart, but his
performance at Intertek has clearly been impressive and in our
opinion investors will be pleased that the uncertainty over the
role has now been removed," said Mr. Brown.
FirstGroup is a leading operator in the U.K. and North America
and makes more than GBP6 billion in annual revenue.
-Write to Simon Zekaria at simon.zekaria@wsj.com
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