Alastair Lyons who was appointed chairman of Serco in 2010 has announced he will step down as soon as a replacement has been found. The move comes after a series of four profit warnings in 12 months and an expected £1.5bn in contract write-downs. Alistair has taken responsibility for the “strategic and operational missteps” which were brought forward in Serco’s strategy and contract review. After the review which revealed a series of loss making government deals was published shares in Serco fell by 35 per cent.

Serco plans to sell off a range of businesses including: Intelenet, an Indian back-office business; its UK council operations in waste and recycling and leisure centres; and an Australian tourist train called Great Southern Rail in an attempt to improve its balance sheet.

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Serco profits fall after outsourcing scandal