Trainline shares slide as boss departs
Shares in Trainline sank after the chief executive who guided the ticketing app through its stock market float last year announced her departure.
Clare Gilmartin, a former eBay executive, will hand over to operating chief Jody Ford in February.
Mr Ford, hired by Trainline in July, has been credited with the transformation of Photobox, the parent company of personalised gift and card brand Moonpig.
Investors were spooked by Ms Gilmartin’s exit, with Trainline shares plummeting as much as 13pc in afternoon trading.
Ms Gilmartin, who has run the company for seven years, said she wanted to spend more time with her family. She will continue as a senior adviser to the company.
Her departure comes amid uncertainty within the rail industry over reforms to ticketing.
The pandemic has led to a sharp decline in demand for train services and lines are running with roughly a third of pre-Covid passenger numbers.
Season ticket purchases have collapsed with those commuters continuing to travel more likely to take the train one or two days a week rather than daily.
Calls for an overhaul of ticketing have so far fallen on deaf ears, however.
The Treasury is believed to have blocked a proposal for a three-day season ticket due to fears it could put Britons off returning to a five-day commute in the long-term.
