SIR Brian Souter is to move from chief executive to chairman at Stagecoach, a move which is believed to have the support of major investors even though it goes against recommendations in the UK Corporate Governance Code.
After more than 30 years with the business, the 58-year-old, whose most recent annual remuneration was £876,000, made the out-of-the-blue announcement that he planned to step back from the day-to-day running of the company.
However the change, part of a major boardroom shake-up, is not seen as best practice under corporate governance guidelines.
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