May 31, 2018 / 6:21 AM / a year ago

FirstGroup replaces CEO after disappointing year

LONDON, May 31 (Reuters) - British transport company FirstGroup replaced its chief executive after what its chairman called a disappointing year and said it was putting its Greyhound bus business in the U.S. under review.

FirstGroup, which rejected two approaches from a private equity firm earlier this year, reported a 5 percent fall in adjusted pretax profit to 197 million pounds ($262 million) for the year to March 31, slightly behind a consensus forecast.

The bus and rail operator said its CEO Tim O’Toole would be replaced by Wolfhart Hauser, who becomes executive chairman, on Thursday and Matthew Gregory, who takes on a chief operating officer role in addition to his duties as chief finance officer.

$1 = 0.7511 pounds Reporting by Sarah Young, Editing by Paul Sandle

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