Thameslink boss steps down after less than two years
The chief executive of Go-Ahead, the group which operates London’s Thameslink, Gatwick Express and the Elizabeth Line through a joint venture, has stepped down after less than two years in the role.
Miguel Parras has resigned from his role at the Newcastle-headquartered group to “pursue other opportunities” after 20 months.
The group has not announced who will succeed Parras in the job.
Go-Ahead had been listed on the London Stock Exchange before being acquired by Australian and Spanish firms Kinetic Group and Globalvia in 2022 in a deal worth around £650m.
The group also runs rail service Southern and a range of local bus routes across the UK.
Go-Ahead took over the running of the Elizabeth Line in May this year after being handed the seven-year contract by Transport for London in November 2024.
It is operating the service through a joint venture with Tokyo Metro and Sumitomo Corporation.
The departure of Parras comes after CityAM reported in June that Go-Ahead posted a pre-tax loss of $36.9m for 2024, having posted a pre-tax profit of $9.7m for the prior 15 months.
However, the group said its pre-tax loss did not take into account profit from its disposals.
Accounts filed with Companies House also showed that its revenue totalled £3.5bn in 2024, down from the £3.7bn it achieved in the prior 15 months.
Elizabeth Line operator CEO made ‘significant contribution’ to Go-Ahead
Chairman Michael Sewards said: “After 20 months as group CEO of the company, Miguel Parras has taken the decision to step away from Go-Ahead to pursue other opportunities.
“During this period, Miguel has worked with the executive team to deliver a business which expanded its services and earnings including more contracted services throughout the United Kingdom, Ireland and Singapore.
“During his tenure, the company led the mobilisation of the prestigious Elizabeth Line in London, opened an office in Australia to grow the rail business in the country, launched the company’s Go Ahead Women program, and the business has won various awards – including the Recruitment and Retention category of the UK Bus Awards and recognition as an Industry Leader in DEI at the National Transport Awards.
“Miguel has made a significant contribution, alongside the company’s CFO and group structured finance director, to securing the long-term financial sustainability of the company and to defining a clear strategy to achieve Go-Ahead’s ambitious decarbonisation goals, working hand-in-hand with many of our public transport authority partners such as TfL, TfGM, and others across the UK.
“On behalf of the entire board, I would like to thank Miguel for not only his work and commitment whilst in the group CEO role, but also for his important contribution to the investments made by Kinetic and Globalvia and his participation in steering the strategic direction of Go-Ahead.
“We thank Miguel for his contribution to the company and wish him all the best for the future.”