Mark Irwin is leaving as Serco boss after 12 years at the helm

Serco CEO Mark Irwin is retiring this year, having worked at the outsourcing giant for twelve years.

Irwin will step down from the top job on February 28 but will continue to act as a strategic advisor for a transition period, Serco told shareholders on Monday.

The Hampshire-based company said Irwin would be replaced by UK and European boss Anthony Kirby, who will become group chief executive in March.

Outgoing boss Irwin first joined Serco in 2013 and was at various times responsible for leading the group’s operations in the UK and Europe, Asia Pacific, and Australia and New Zealand.

Before Serco, Irwin held senior private equity positions in the US.

Irwin said: “It has been a real privilege to lead Serco and I am delighted with the progress we have made in recent years, especially in keeping our colleagues safer, delivering consistently strong financial performance and developing the largest pipeline in more than a year. ten years to achieve our strategic growth objectives.’

Serco chairman John Rishton said Irwin’s replacement was “part of our internal succession planning” since he joined from catering giant Compass.

He added: “During this time (Kirby) has held a number of key roles at Serco, including Group Chief Operating Officer and successfully leading the UK and European operations.

“The Board of Directors is confident that Anthony has the skills, determination and leadership qualities to deliver on our strategy.”

Serco told shareholders last month that it expects 2024 sales of around £4.8 billion, down 3 percent year-on-year but in line with expectations.

Serco expects underlying operating profit to be around £260 million in 2025 and sales to be in line with 2024 levels, despite a cut of around 7 percent due to the loss of immigration contracts in Britain and Australia.

Growth was expected to be driven by US defense operations.

Incoming boss Kirkby said: ‘Serco is in great shape, with great people and an exciting future.

“I am confident that we can continue to build on our strategy, further strengthen our position and provide excellent solutions, helping customers around the world deliver excellent public services.”

Serco shares fell 1.7 percent to 147.3p in early trade.