Mark Irwin set to retire as Serco boss after 12 years on the helm

Serco chief executive Mark Irwin will retire this year, calling time on a 12-year stint with the outsourcing giant.

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

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

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

Prior to Serco, Irwin held senior private equity roles in the US.

Irwin said: ‘It has been a true privilege to lead Serco and I am delighted with the progress we have made in the last few years, especially on keeping our colleagues safer, delivering consistently strong financial performance and developing the biggest pipeline in more than a decade to meet our strategic growth goals.’

John Rishton, chair of Serco, said Irwin’s replacement has been ‘part of our internal succession planning’ since joining from catering giant Compass.

Serco boss Mark Kirby to retire next month after 12 years with outsourcing giant 

He added: ‘During this time [Kirby] has held a number of critical roles at Serco, including being group chief operating officer and successfully leading the UK and Europe business. 

‘The Board is confident that Anthony has the skills, determination and leadership attributes to deliver against our strategy.’

Serco told shareholders last month it expects to report revenue for 2024 of around £4.8billion, down 3 per cent year-on-year but in line with guidance.

Serco expects its 2025 underlying operating profit to be around £260million and for revenue to be in line with 2024 levels despite a cut of around 7 per cent from the loss of immigration contracts in the UK and Australia.

Growth was expected to be driven by its US defence operations.

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

‘I am confident we can continue to build on our strategy, strengthen our position further and provide outstanding solutions, helping customers around the world deliver superb public services.’

Serco shares were down 1.7 per cent to 147.3p in early trading.