Activist hedge funds cry foul over FirstGroup, Just Eat Takeaway. Bosses, other investors, must tune them out

The boss of FirstGroup is quitting after less than three years, during which time Coast Capital has been a thorn in his side

The boss of bus and rail firm FirstGroup is quitting after less than three years in the post (Avanti West Coast/PA) (PA Media)

FirstGroup’s CEO, Matthew Gregory, flatly denied his decision to step down came in response to any pressure from US hedge fund Coast Capital – which a day earlier had called for him to do just that – when I talked to him about the unveiling of the group’s results.

Gregory, in the post for less than three years, said he’d done the job he set out to do when he was promoted from the role of finance director, having sold off the company’s US bus businesses. The deal has left a primarily UK focussed bus and train operator.

All the same, I doubt he’ll be sorry to be shot of Coast when he officially hands the steering wheel over to David Martin, his chairman, who’ll drive the business while a successor is sought.