The Board of Railtrack announced today that it had, with regret, accepted the resignation of Chief Executive Gerald Corbett. Mr Corbett will step down from his post today.

The Board would like to place on record its thanks to Mr Corbett for the way in which he had managed the immediate aftermath of the Hatfield accident and had over seen the establishment of the network recovery plan.

Mr Corbett felt, and the Board agreed, that having put in place the National Recovery Plan, the time was now right for someone fresh to lead the Company forward.

Steven Marshall, currently Finance Director, has been appointed Chief Executive with immediate effect. Mr Marshall joined Railtrack a year ago from Thorn where he held the position of Chief Executive.

Recognising the significant operational challenges that the Company faces Jonson Cox, Director of Operations, becomes Chief Operating Officer.

Sebastian Bull, currently Corporate Finance Director, will assume the role of acting Finance Director. He will join the Group Committee and attend future Board meetings.

The Chairman, Sir Philip Beck, has asked the Board to commence a search for a new Non Executive Chairman, with substantial experience in leading a major public company, to take up the post following the Annual General Meeting in 2001.

Railnews Archive ::: 2000-11-17 RTK-001