National Express owner Mobico appoints insider Iglesias as CEO to lead turnaround (updated)
25/03/2026 08:50
Adds details and background throughout
March 25 (Reuters) - National Express owner Mobico Group MCG.L appointed insider Paco Iglesias as its new chief executive officer on Wednesday to oversee the British transport company as it looks to simplify its operations and boost profits.
The company's shares were down 1% at 19.6 pence at 0836 GMT.
Iglesias, who currently serves as the company's chief operating officer has since 2016 also been the top boss of the firm's biggest unit and major growth driver, the Spanish transport business Alsa.
"(Iglesias) is the ideal candidate to lead the business in its next chapter of growth and to ensure the value inherent in the Group's portfolio is better reflected," Executive Chairman Phil White said in a statement.
Mobico has undertaken steps such as cost cuts, integrating some of its businesses and re-evaluating contracts to aid efforts around stabilizing the business.
White, who had stepped up to executive responsibilities in May last year after the departure of CEO Ignacio Garat, will reassume his role as non-executive chair from October.
Mobico in February had forecast 2026 adjusted operating profit of 195 million pounds ($261.03 million) to 210 million pounds, compared with 198 million pounds reported in 2025.
($1 = 0.7470 pounds)
(Reporting by Rishab Shaju and Pushkala Aripaka in Bengaluru; Editing by Rashmi Aich)
((Rishab.shaju@thomsonreuters.com ; +91 9048142177))