Mobico Group PLC (LSE:MCG) said on Tuesday that chief executive Ignacio Garat would step down, after the National Express owner reported a £793.8 million loss.
His departure comes just days after the group agreed the cut-price $608 million sale of its North American school bus business, a deal widely panned by the City.
Garat, who joined the group in 2020, will leave his post at the end of April but will stay on for a further three months in an advisory role to support the transition. The board said it had begun the search for his successor.
Phil White, the incoming chair, will take on the role of executive chair on an interim basis from 1 May.
White, who previously ran National Express between 1997 and 2006, is credited with expanding the business internationally and overseeing the acquisition of Spanish coach company Alsa.
In early trading, the shares were up 5% at 35.25p.