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| National Express boss to resign | National Express boss to resign |
| (about 10 hours later) | |
| Richard Bowker, the chief executive of transport group National Express, is to resign, the BBC has learnt. | |
| His resignation comes at a critical time for the firm, which is renegotiating terms for its rail operations with the government. | His resignation comes at a critical time for the firm, which is renegotiating terms for its rail operations with the government. |
| Its main rival First Group has also made a takeover approach. | Its main rival First Group has also made a takeover approach. |
| National Express is due to release a trading statement later. Passenger numbers on its East Coast rail service have flagged during the recession. | National Express is due to release a trading statement later. Passenger numbers on its East Coast rail service have flagged during the recession. |
| National Express is contracted to pay the government £1.4bn to run the East Coast Mainline, which runs between Edinburgh and London, until 2015. | National Express is contracted to pay the government £1.4bn to run the East Coast Mainline, which runs between Edinburgh and London, until 2015. |
| But sales at the franchise grew by just 0.3% in the first three months of 2009, compared with 9% over the whole of last year. | But sales at the franchise grew by just 0.3% in the first three months of 2009, compared with 9% over the whole of last year. |
| Ministers say if National Express cannot make the franchise work it will have to give up all three of its rail companies - they have told the company there will be no bail-outs. | Ministers say if National Express cannot make the franchise work it will have to give up all three of its rail companies - they have told the company there will be no bail-outs. |
| Cuts have been made in dividend payouts to shareholders and other spending while 750 jobs have been lost. | Cuts have been made in dividend payouts to shareholders and other spending while 750 jobs have been lost. |
| Last month, it started charging passengers for reserving a seat on its East Coast and East Anglia franchises. | Last month, it started charging passengers for reserving a seat on its East Coast and East Anglia franchises. |
| The firm is currently trying to reduce a debt pile of about £1.2bn. | The firm is currently trying to reduce a debt pile of about £1.2bn. |