Network Rail CEO Mark Carne to retire later this year

Mark Carne, the chief executive of Network Rail has decided to retire from the company later on this year.

The new chief executive will be able to slide into the role before the next five year regulatory control period that begins in April 2019.

Mark Carne said “I planned the timing of my announcement so there was stability while we developed the business plan for the next five year regulatory period, but so that there will also enough time for my successor to be firmly in place when it starts. I will leave knowing that the railway is in good hands and has a great plan for the future.”

Carne joined the firm in 2014 and led Network Rail as it was brought back into the public sector and oversaw the restructuring of the company’s debt structure.

He has also delivered the biggest projects of the history of the firm like the London Bridge station which opened last month.

Sir Peter Hendy CBE, chairman of Network Rail has said, “Mark has done an outstanding job and I want to applaud him for what he has achieved in his time at Network Rail.

"His leadership steadied the ship during the challenging transition to a public sector organisation and he has been the architect behind the huge positive changes in the company, driving transformation, devolution and efficiency, with an emphasis on equality and diversity too,” he commented.

Hendy also said Carne had a vision that he had managed to make true and because of that he had delivered the biggest upgrades of the company in years giving great importance to health and safety which has made the workforce safer.

Carne will continue to lead the company while the Board selects the new CEO.

Chris Grayling, Secretary of State for Transport has also commented on his retirement, praising his role as chief executive during the biggest modernisation of the country's rail infrastructure since Victorian times.

"He has provided very strong industry leadership on safety and digital rail, and Network Rail has significantly improved the railway for its customers under his direction.

"His focus on devolving power to Network Rail’s route businesses has built the foundations for a more efficient and passenger-focused organisation which supports the Government’s agenda to bring track and train closer together, he said."