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FirstGroup replaces CEO after disappointing year

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LONDON (Reuters) – British transport company FirstGroup <FGP.L> replaced its chief executive after what its chairman called a disappointing year and said it was putting its Greyhound bus business in the U.S. under review.

FirstGroup, which rejected two approaches from a private equity firm earlier this year, reported a 5 percent fall in adjusted pretax profit to 197 million pounds for the year to March 31, slightly behind a consensus forecast.

The bus and rail operator said its CEO Tim O’Toole would be replaced by Wolfhart Hauser, who becomes executive chairman, on Thursday and Matthew Gregory, who takes on a chief operating officer role in addition to his duties as chief finance officer.

(Reporting by Sarah Young, Editing by Paul Sandle)

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