Aviva's McFarlane to succeed FirstGroup Chairman Gilbert

6th Dec 2013 07:52

John McFarlane, currently the Chairman of insurance group Aviva, is to succeed Martin Gilbert as Chairman of transport firm FirstGroup next month.McFarlane, who is also a non-executive director of retail property giant Westfield Holdings and financial group Old Oak Holdings, will join FirstGroup on January 1st, whilst retaining his position at Aviva.He has previously held director and management roles at a number of global financial institutions, including Standard Chartered, Citibank, RBS Australia and New Zealand Banking Group.McFarlane said he is joining FirstGroup at an "important stage of its evolution". "The group has short-term challenges which we will naturally need to overcome, but I am convinced it has significant opportunity to benefit from its market-leading positions and to deliver sustainable long-term value for shareholders. I look forward to playing a pivotal role in its future."The shake-up will come as no surprise to investors given Gilbert's announcement in May that he intended to step down.Gilbert, who has been involved with FirstGroup since its formation, "has been instrumental in establishing its position as the leading transport operator in the UK and North America," said John Sievwright, Senior Independent Non-Executive Director on Friday.BC