SNCF's decision follows a capital injection in Keolis by an unnamed long-term investor which has given it a 30% stake in the company.

At the same time, Mr David Azéma, who is currently deputy director general of SNCF and a member of Keolis' supervisory board, will succeed Mr Michel Bleitrach as president of Keolis in June. Azéma will be succeeded at SNCF by Ms Sophie Boissard who is currently director general for stations and connections. There will also be changes to the supervisory board of Keolis.

Mr Guillaume Pepy, president of SNCF, says the reorganisation marks a new step in the 10-year "success story" of Keolis, which operates public transport services both in France and abroad. Pepy is keen for Keolis to expand its international activities.