FirstGroup’s biggest shareholder calls for resignation of CEO

Coast Capital also demands two board members step down over sell-off of US businesses

FirstGroup's biggest shareholder has demanded the resignation of the transport firm's chief executive and two board members, after failing to prevent the sell-off of its American businesses.

Coast Capital, the New York-based hedge fund which owns about 15% of the group, had opposed the $3.1bn sale of the FirstStudent and FirstTransit businesses to Swedish group EQT, arguing the price was too low for the school and city bus services.