BCS Barclays PLC

LONDON--FirstGroup PLC (FGP.LN) Friday confirmed that John McFarlane will be stepping down from the role of Chairman at the Annual General Meeting in July 2015, as a condition of assuming the Chairman's position at Barclays PLC (BARC.LN)

FirstGroup Senior Independent Director, Drummond Hall has begun the process to identify a strong replacement for Mr McFarlane, the train and bus operator said.

Shares at 0902 GMT traded up 0.5%, at 123 pence, valuing the company at GBP1.48 billion.

-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

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