Stagecoach CEO quits as Coach USA revenues fall
Revenue at the Coach USA unit fell 8% in the first eight weeks of the current fiscal year, prompting Stagecoach to undertake a detailed review of the Coach USA operations.
Shares in the United Kingdom's largest transport company, Stagecoach Group PLC, fell sharply Monday after its chief executive officer quit due to the poor performance of its Coach USA unit, reported The Wall Street Journal. Stagecoach said CEO Keith Cochrane would step down immediately, and that its executive chairman and founder, Brian Souter, will become acting chief executive until a replacement is found, said the paper. Revenue at the Coach USA unit -- which operates coach, limousine and taxi services in 33 U.S. states and Canada -- fell 8% in the first eight weeks of the current fiscal year, prompting Stagecoach to undertake a detailed review of the Coach USA operations. Stagecoach bought Coach USA for $1.89 billion in July 1999.
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