Great Western Coffee Shop

Interesting link for you.
http://news.independent.co.uk/business/analysis_and_features/article2278128.ece

It's nice to read just a little more (and it is slightly thin) about the man.  And they chose a day he visited Swindon.  Just a short ride would have brought him on to Melksham, but I notice there weren't any trains at all on that line during the time he was around.

Moir Lockhead, chief executive of FirstGroup, the world^s leading transport company, was last week (6 March) named as the Institute of Directors^ (IoD) Director of the Year.

http://www.firstgroup.com/corpfirst/newsreleases_more.php?id=277 (http://www.firstgroup.com/corpfirst/newsreleases_more.php?id=277)

Make sure you read it carefully! "Moir Lackhead". Just about sums First Group. Can't even spell it's boss' name correctly.

Now then, who can think of a suitable definition for a Lackhead.  ;D

Oh dear that is very unfortunate.

Can I just say good on him for winning this award and he has done a stirling job in building up the Firstgroup empire over the years. However, I did find reading all those lovely warm words a little hard to swallow following all that has gone on with the FGW franchise over the past year and half. You wouldn't think after reading this that the government are very close to pulling this franchise if targets are not met that have been laid down on the remedial notice issued a couple of weeks back.

Well, funnily enough, it's been hastily corrected: see http://www.firstgroup.com/corpfirst/newsreleases_more.php?id=277 !

 ;D ;D ;D

I Work For FGW blog post link.
http://www.iworkforfgw.com/viewtopic.php?f=4&t=112&start=0&st=0&sk=t&sd=a

... and, on a good day, England, too ...  ;D

Good for him though.

I think my notification got lost in the post so I didn't respond in time ;) ;D

FirstGroup will celebrate its arrival as the world's biggest public transport combine in mixed fashion on Wednesday. Sir Moir Lockhead is due to check in with news of sharply increased profits but he has seen his share price crumple to new lows (link below.)
http://www.rmtbristol.org.uk/2008/11/firstgroups_us_exposure_proves.html#more

The half-year results will be the first to include a full contribution from the transformational acquisition of the US Laidlaw group in February last year and brokers expect to hear of a 40% lift in pre-tax profits to around ^105 million together with a double-digit rise in the dividend.

Even so, FirstGroup's shares were among those to miss out on last week's share-price rally, instead hitting new 2008 lows and falling to half the levels of a few months ago.

The share-price performance reflects concerns over the impact of the still comparatively strong dollar on debt levels and interest charges together with the potential loss of commuter rail traffic as a result of a recession.

At the present share price, the company has a stock-market value of only a little over ^2 billion, which compares with the $3.7bn paid for Laidlaw.

Terms of the acquisition translated into ^1.9 billion at the currency exchange rates at the time it was announced 20 months ago but have since ballooned to some ^2.3bn at a current rate of around $1.61 to the pound.

At the same time, brokers point out that the group also faces rising fuel costs despite falling prices elsewhere because the group failed to hedge against currency risks when it bought in its requirements for the next two years at oil prices between $76 a barrel and $111 a barrel.

Followers say Lockhead will dismiss the concerns this week and will point out that the increased costs are more than balanced by the extra value of dollar earnings from Laidlaw's school buses and the Greyhound coaches operation.

He is also expected to reassure investors that the group has made good progress in refinancing a $2.25bn loan facility that was due to be repaid by February 2010.

The group has already rearranged some $1.45bn of this debt, including last month's ^300m bond issue, and a further financing deal is believed to be imminent.

Most brokers say the debt will be paid back out of cash flow over the next three or four years although interest charges this year are likely to almost double to around ^160m and will work out at a minimum of ^75m at the half-year stage.

Before deducting these costs and exceptional charges, Damian Brewer at JP Morgan expects the group to achieve a 65% lift in operating profits to around ^180m for the opening six months of the year.

Almost half the money should be earned from US buses where Greyhound is expected to turn in a particularly strong performance over the summer months as a result of increasing business from hard-pressed motorists.

And the American contribution should be still more significant in the second half as the group cashes in on the school bus contract season. Brewer expects the US to chip in with ^275m out of total operating profits of ^503m at the full year.

UK buses and rail are also expected to show good growth at the half-year stage although some analysts have been trimming back future forecasts for the rail side on concern that growth could falter if there is a sharp increase in unemployment.

They point out that roughly 10% of FirstGroup's rail revenue comes from London commuters, who are likely to be particularly hard hit by the financial recession.

Despite their reservations, no fewer than eight out of 10 analysts polled by the Digital Look news service believe the share-price fall has been overdone and say the shares are worth buying at current levels.

Their average forecasts predict a profits rise from last year's ^242m to at least ^340m in the current financial year with a further increase to around ^366m predicted for 2010.

From the Aberdeen Press and Journal:


For the full article, see http://www.pressandjournal.co.uk/Article.aspx/982249?UserKey=

From the London Evening Standard (http://www.thisislondon.co.uk/standard-business/article-23707077-details/FirstGroup+boss+takes+a+pay+cut/article.do):

Quite right too, as I suspect that many of the companies employees will not be getting a pay award at all this year and some will may well be loosing their jobs

west drivers the exception to that 18% offer on table.

London Standard reckons Tim O'Toole of LU fame is to be Sir Muir Lockhead's successor at First Group...

http://www.thisislondon.co.uk/standard-business/article-23843029-ex-underground-boss-tim-otoole-back-to-take-over-firstgroup.do

Paul

Edit to change subject line from "FGW" to "First Group"

Thanks, Paul!

I expect he'll have to earn every penny, though:


 :o

His taxes will go some way to reducing the budget defecit then  :D

Is Mr Lockhead retiring to spend more time with his bullocks?

Sir Lockhead, if you please!

Hey, I'm a republican. I doff my cap for no one!  ;) ;D

Can a change be made to reflect that this isn't a change at FGW but at it's parent company First Group?

Good idea ... I came to the thread thinking that there might be another name in the sequence "Alison Forster, Andrew Haines, Mark Hopwood ...."

I've met Tim O'Toole very knowledgeable particularly on Urban Metros. I was quite impressed.

Incorrect: it is either 'Sir Muir Lockhead', or 'Sir Muir'.

Actually T_J, it's neither of the above. It's Sir Moir or Sir Moir Lockhead ;)

(http://www.millan.net/minimations/smileys/imoksmiley.gif) (http://www.millan.net)

TJ spelled something wrong!!!

Excellent McGonagall-esque poem on the changes at the top over at the Railway Eye blog:

http://railwayeye.blogspot.com/2010/06/poetry-corner-lines-on-first-group.html

From The Independent

The founder of transport giant FirstGroup today announced plans to step down from his role as chief executive after 21 years with the company.

Sir Moir Lockhead, a former mechanical engineer who has turned the company into one of the largest transport operators in Britain and America with 130,000 staff, will step down on March 31.

He will be succeeded by former London Underground boss Tim O'Toole, who joined the Aberdeen-based company as deputy chief executive in June.

Sir Moir, 65, has been chief executive and deputy chairman of FirstGroup since its formation in 1995. He led an employee buyout of the council-owned Aberdeen city municipal bus operator Grampian Regional Transport (GRT) Group in 1989, when he worked there as a general manager.

FirstGroup was formed as FirstBus in 1995 through the merger of the Badgerline Group and the GRT Group, with fleets in England, Wales and Scotland.

Sir Moir, who was knighted in 2008, took the company from 500 staff to become the largest transport operator in Britain and America, running bus, rail and freight services worth ^6 billion a year. Its UK rail franchises include First Great Western, First ScotRail and First Hull Trains, while it also operates the Greyhound coach service in North America.

The company has 2.5 billion passengers a year across the world. In the UK, a fleet of nearly 8,500 buses operates every day.

Announcing his decision to step down, Sir Moir said: "I firmly believe that timing is everything and with FirstGroup in a strong position to continue its successful development, the time is right for me to hand over to an outstanding team led by Tim O'Toole."

Sir Moir was born in the mining village of Sedgefield, County Durham. His parents worked at the local hospital - his mother as a seamstress and his father as a painter and decorator.

At 15, Sir Moir left secondary school to become an apprentice mechanic. He went to college and attended night school.

Sir Moir, who is married with four children, lives on his family's 300-acre farm near Aberdeen, where he breeds Highland cattle.

He earned ^643,000 last year after waiving his bonus entitlement and holds share awards worth around ^4.5 million based on the current share price. The transfer value of his pension stood at ^7.5 million in March.

Successor Mr O'Toole, an American who joined London Underground in 2003, was praised for his handling of the July 7 bombings.

His co-ordination of the evacuation of thousands of passengers and staff to safety after the attacks in 2005, plus the quick resumption of services on the Tube network, earned him an honorary CBE.

The English literature graduate worked as a lawyer before making his name in the US rail freight business, joining Conrail in 1984. He was named Conrail's president and chief executive in 1998.

http://www.independent.co.uk/news/business/news/founder-of-firstgroup-to-step-down-2086147.html

A well deserved rest. FirstGroup is where it is thanks to him.

Is it really only 15 years since FirstBus (as was) was formed? Very impressive growth since then.

Looks like they've found a very high quality replacement - from what I can gather anecdotally it would seem that Tim O'Toole is thought of quite highly on the strength of his time at LUL.

Tim O'Toole is a very good operator indeed, and is highly thought of in the UK, in Europe and in North America, which encompasses First's operations very nicely. While I was working on International Railway Journal it was telling how he was one of the few UK rail and metro bosses that was routinely mentioned by his European counterparts, and I think that's a good omen.

If Tim O'Toole has a free rein at First Group then there's every chance we've a lot to look forward to with FGW, but given the spending review, possible reform of Network Rail etc, there's a lot up in the air...

Andy

Purely in the interests of continuity, I've merged a few topics here ... while keeping the original headings in the individual posts - as far as possible, obviously.  :-X

Lockjaw worked with a private company using private funds.
As fare as im aware O'Toole has only ever worked for state owned companies or companies financed by public  funds.

What Happened to Mike Carroll and  Chris Kitchen-Smith??

Is Mike Carroll not still a director with responsibility for the Thames Valley sector?

Not listed any longer on their website - and no sightings at Customer Panel meetings either....I fear you're out of date...

The latest "Railnews Focus" September, 2010 reports some interesting remarks by the chief Executive of FirstGroup, Moir Lockhead,speaking at FirstGroup^s Aberdeen HQ in an informal briefing.Among other comments he says that the present level of expenditure on the railways is unsustainable and sounded a warning that not every train service can be regarded as ringfenced, regardless of its cost
 Interestingly from FGWs point of view he also conceded that First had gone too far on Great Western with highdensity Mk3s and an attempt to abolish buffet cars on medium-distance journeys.(An admission that the FGW high density HST refurbs are not really suited to longer journeys).
On Franchising he says that ^First will bid for East Coast when it comes to the market again." as well as other contracts such as West Coast and East Anglia and of course Scotrail when the present contract comes to an end.

Well that's something that can easily be put right if they wanted to by adding a few more tables in std.

According to Tony Miles in October's edition of Modern Railways, FGW are looking at converting spare buffet cars into std trailers making 2+7s back into 2+8s. This just goes to show what a waste of money adding a buffet serving hatch on some std trailers was when all they needed to do was what GNER did with their class 91 fleet and reverse the buffet trailer around and change the 1st seating into std. OK not as much seating as a full length coach but a much cheaper option.

But FGWs franchise commitment was to increase HST seating by 10%....would simply turning said buffets around have achieved this? I doubt it.

Removing the buffets also saved a lot of (expensive) fuel. The cost of putting high-density seating in was a cost of winning the franchise - i.e. unavoidable. So in the long run, they're currently up on saving money.

I believe you're right over bringing the buffets back - there may be some luggage space involved because I doubt they'll reconvert the mini-buffets back to seating...just replace the 1st seating as suggested elsewhere and include some luggage space, as putting windows in the coach casings might be impossible, hence seating the buffet area is difficult.

From Rail.co (http://www.rail.co/2011/03/25/first-group-name-train-after-sir-moir-lockhead/):


Hmm. I'm not sure quite why he was 'left astounded' and 'initially lost for words': it wasn't the first time (if you'll pardon the pun!) that he has been so honoured. I took a couple of photos of FGW power car 43160 at Bristol Temple Meads back in January:

(http://img860.imageshack.us/img860/6669/0042j.jpg) (http://img860.imageshack.us/i/0042j.jpg/)
(http://img705.imageshack.us/img705/7130/0062e.jpg) (http://img705.imageshack.us/i/0062e.jpg/)

Errr, and using both "Sir" and "OBE" is incorrect usage of the (same) honour - Ordervof the British Empire. Sir indicates the senior Knight Commander, the OBE is the second lowest level, above MBE.

Having been 'promoted' from one level to another, one should just use the most senior level awarded.

However, Moir Lockhead (http://en.wikipedia.org/wiki/Moir_Lockhead) OBE received his Knighthood in the 2008 Honours List (http://en.wikipedia.org/wiki/Birthday_Honours_2008) as a Knight Bachelor (http://en.wikipedia.org/wiki/Knight_Bachelor), not as a Knight of the Order of the British Empire, so he is entitled to use both the 'Sir' and 'OBE'.

From Debretts (http://www.debretts.co.uk/forms-of-address/titles/knight/knight-bachelor.aspx):

OK, thanks - he's a KB, not a KBE.....

I'll continue to call him Mr Lockhead.....