National Express appoints former FedEx executive as boss

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National Express PLC (LON:NEX) has appointed former FedEx executive Jose Ignacio Garat as its new chief executive.

The group said interim boss Chris Davies will step down on November 1, 2020, but will remain as its group finance director.

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Garat was board advisor at delivery company Tuffnells Parcels Express until August, and he previously held several managerial roles at FedEx and its subsidiary TNT Express, most recently as senior vice president Southern Europe, France and Benelux Operations for FedEx.

“Ignacio has the extensive international operational and strategic experience to lead National Express Group through the challenges presented by the pandemic, as well as the significant future opportunities that exist,” the bus operator’s chairman Sir John Armitt said in a statement.

“Ignacio’s track-record of focusing on safety, operational excellence and strong financial performance, aligns closely with National Express Group’s priorities.”

“This is a slightly surprising appointment as there were a number of strong internal candidates, particularly Tom Stables, who is managing director of the UK and Germany,” analysts at Peel Hunt noted.

Shares slipped 3% to 170.4p on Monday morning.

–Adds analyst comment, shares–

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