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Serco Group PLC on Monday said its Chief Executive Rupert Soames will step down from at the end of December, and promoted division head Mark Irwin to become the new CEO.
Serco shares were trading 2.9% lower at 175.00 pence each on Monday morning in London.
The FTSE 250-listed outsourcer said Soames will leave the company in September 2023. At this point he will be 64 and will have served the company for more than nine years.
Soames said: ‘It has been the privilege of my working life to lead Serco for the last eight years, but it is now time for me to outsource myself.’
Irwin is currently the CEO of Serco's UK & Europe division. He joined the company in 2013.
Prior to Serco, Irwin had leadership roles in several private equity portfolio businesses in the US and China, and also worked for eight years for energy conglomerate General Electric Co in the US and Australia.
Irwin added: ‘With its unique business-to-government platform, international footprint, strong balance sheet and large and growing order book, Serco is well-positioned to deliver superb public services, rewarding careers for colleagues and growing returns to shareholders.’
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