Mobico appoints Paco Iglesias as new CEO amid widening losses

Mobico has promoted Paco Iglesias to chief executive, effective April 1. The National Express owner tapped the head of its Spanish bus division Alsa to lead the company as it targets major cost savings amid widening losses.

Iglesias, who has served as chief operating officer since February 2025, will take over from Phil White. White returned to lead the business last year after former CEO Ignacio Garat departed in April, and will transition to a non-executive chairman role on October 1.

The leadership change comes as Mobico pushes for £100 million in annual cost savings by year-end, with £75 million targeted for 2026. The company reported statutory pre-tax losses of £58.5 million last month, compared to £46.2 million in 2024.

Iglesias has led the Alsa division since 2016 and first joined the unit in 1991.

White praised his performance: "Under Paco's leadership, Alsa has delivered exceptional performance and he has been the driving force of Mobico's growth for some time. He 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."

The executive chairman noted progress since his return: "Since my appointment as executive chair some 12 months ago, meaningful progress has been made to stabilise the business."

Iglesias outlined his priorities: "We are making tangible progress in simplifying and strengthening Mobico. My priority as chief executive will be to build on that momentum."

Note: This article was created with Artificial Intelligence (AI).