Management & Operations

Railtrack closed, new rail chief appointed

Posted on August 1, 2001

Government-appointed administrators took control of England's Railtrack in October after the company refused additional subsidies. At the same time, Railtrack Chief Executive Steve Marshall resigned after accusing the government of breaking its promises to the company, which was set up in 1994 to run the country's 20,000 miles of railway track. "Government’s treatment of my company, and its shareholders, has been shoddy and unacceptable. Commitments, whether financial or otherwise, are made to be kept, not broken," Marshall said in a statement. Transportation officials agreed to use $537 million in frozen Railtrack assets to compensate shareholders. That amounts to $1.02 a share to be paid in cash when a new, non-profit company is formed to run the rail network. Formulation of a new company could take up to six months. To lead that new company, Richard Bowker was appointed chairman of the Strategic Rail Authority (SRA). Bowker, co-chairman of Virgin Rail, will oversee the publication of the SRA’s strategic plan for the railways. He replaces Sir Alastair Morton, who left following the collapse of Railtrack.

View comments or post a comment on this story. (0 Comments)

More News

Amtrak names new president/CEO

To ensure a smooth transition, Richard Anderson will serve in a co-CEO capacity with current CEO Wick Moorman through Dec. 31, 2017, at which time Moorman will become an advisor to the company.

Toronto Transit Commission wins APTA's top transit agency award

Named Outstanding Public Transportation System for 2017, the TTC last won the award in 1986.

Lhota named chairman of N.Y. MTA

Lhota previously served as the chairman of the board and CEO of the MTA.

Stantec to aquire RNL Design

Large-scale projects in the RNL’s portfolio include the Research Support Facility at the National Renewable Energy Lab in Golden, Colo. — the first Net Zero Energy project of its kind.

Minn. Metro Transit shutting down part of light rail system for 11 days

Maintenance project includes replacing sections of tracks, upgrading switches, and repairing concrete and overhead wires.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close