London: British transport company FirstGroup replaced its chief executive after a disappointing performance last year and lowered expectations for this year, wiping 14 per cent off its share price. FirstGroup’s CEO had been under pressure for some time. The bus and rail operator said Tim O’Toole, CEO since 2010, would be replaced immediately by Wolfhart Hauser, who becomes executive chairman, and Matthew Gregory, who becomes chief operating officer in addition to his role as chief finance officer. Profit fell 5 per cent in its last financial year, hit by a poor performance in its Greyhound bus division in the United States, which the firm said it could now sell. In the current year, it said British rail contracts would bring in less profit.