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Business

Devaney to lead National Express board

2 Apr 2009


National Express today appointed veteran industrialist John Devaney, 62 to head its board.

He replaces David Ross, the Carphone Warehouse tycoon who was forced to resign as chairman after secretly pledging company shares to raise money for his private property interests.

Devaney most recently worked at Northern Rock in the immediate aftermath of the run on the bank in September 2007.

However, he is best remembered as one of the original privatisation fat cats of the 1990s.

Devaney made a small fortune running Eastern Electricity, selling it to Hanson, refloating it as The Energy Group and then selling it again to TXU of the US.

At the height of the furore he was also vilified in the tabloids for leaving his wife of 26 years for a younger woman.

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