Bus and rail group Go-Ahead announced today that its chief executive was stepping down.

Go-Ahead said Martin Ballinger, 60, intended to retire at the end of December.

Mr Ballinger has headed Go-Ahead since 1982 and steered it through bus industry deregulation in 1986, the group's management buyout in 1987 and its stock exchange listing in 1994.

He reportedly held a personal stake of £41 million in the firm in February and was set to receive £1.2 million in dividends this year.

Under his leadership, the Newcastle-based group has built up a portfolio of bus operations in cities across the UK including London, Brighton and Oxford, as well as a number of rail franchises.

The group continues to own the Brighton-Bedford operator Thameslink and has taken over South Central from axed French rail operator Connex.

Wednesday May 26, 2004