Trainline dips after boss reveals plans to quit

The boss of the Trainline has announced plans to quit the ticketing platform business, causing its shares to slide.

The FTSE 250 firm saw its share value drop by as much as 7% on Wednesday morning as a result.

Chief executive Jody Ford told shareholders that he plans to step down from the role after more than six years with the business.

Trainline said he will continue to lead the business through a transition period and has launched a formal search process for its next boss.

Mr Ford has led the company through a turbulent period and helped its UK net ticket sales more than double.

Nevertheless, shares in the company are around 30% lower for the past six months.

Brian McBride, chairman of the business, said: “Under Jody’s leadership the group has undergone a period of exceptional growth.

“We have created Europe’s number one rail app serving 27 million customers, doubling net ticket sales in the UK and International consumer businesses, more than doubling profits and growing new markets in France, Spain and Italy.

“On behalf of the board, I would like to thank Jody for his outstanding contribution and leadership during this important period in the company’s development.”

Mr Ford said: “As Trainline enters its next multi-year phase of growth, I have agreed with Brian this would be the right time to handover to new leadership.

“I will work closely with the board and my outstanding team over the coming months to ensure a smooth transition and position Trainline strongly for its next chapter.”

The company said it remains committed to its current strategy and is on track to meet its guidance.