Serco Group plc (Serco), the international service company, today announces that Chairman, Alastair Lyons, has informed the Board of his intention to step down once a new Chairman has been appointed.
Alastair Lyons, Chairman, said: "Since the events of last year I have sought to stabilize Serco with strong new management and non-executive directors; a much improved relationship with the UK Government; and clarity as to our strategic direction.
"The Contract and Balance Sheet Review, the reassessment of the Group's future prospects, and the creation of the right capital structure are all necessary steps in putting Serco back onto an even keel and giving our new management team the basis for taking the company forward again.
"The initial findings of the Strategy and Balance Sheet Review point to strategic and operational mis-steps at Serco for which, as Chairman of the board since 2010, I take ultimate responsibility. It is also the right thing for Serco to select a new Chairman, to take the helm for the future.
"Whilst colleagues have asked me not to resign, it has been my intention to step down once a new strategy and direction for the business were in place. I am, therefore, taking the necessary steps to ensure an orderly process for my own succession during the first half of 2015."
Rupert Soames, Group Chief Executive Officer, said: "Whilst I respect Alastair's decision, I want to put on record the fact that he has done an outstanding job stewarding the Company through the travails of the last twelve months. Nobody could have worked harder or done more to get us to the point where we can now concentrate on building a solid future for Serco."