PracticeConsultingFinance director steps up at Railtrack

Finance director steps up at Railtrack

Embattled Railtrack chief Gerald Corbett this morning finally walked from the rail infrastructure provider as the clamour for his resignation mounted following the last month's fateful Hatfield crash.

FD Steven Marshall immediately stepped in as chief executive and faces a baptism of fire as doubt hangs over the present shape of the rail company.

Last month the Hatfield crash shook the UK a year after the Paddington rail disaster.

Corbett is believed to have resigned following a meeting with Tony Blair in Downing Street yesterday.

Forty-three year old Marshall, a former FD of Thorn, came on board Railtrack last year, after previously working with Corbett at Grand Metropolitan as FD of the international drinks division.

Last month Corbett, himself a former FD of Grand Metropolitan, was hauled before the Commons Transport Select Committee to explain the Hatfield crash.

The Association of Train Operating Companies (ATOC) also called for Railtrack to be stripped of its safety and accident investigation role at the Cullen rail safety inquiry last month.

Corbett had been attacked consistently for knowing more about finance than engineering – although he secured an easy ride for Railtrack finances from regulator Tom Winsor, who last month published his five-year plan to 2006 with company’s revenue up for the next five years to £14.9bn with £4.7bn government grant.

New FD Marshall earlier this year also came in for severe criticism for taking a salary of £137,000, including a £37,000 bonus, after last year’s Paddington crash.

A CIMA fellow and member of the 100 Group of Finance Directors, Marshall replaced predecessor 48-year-old chartered accountant Norman Broadhurst last year as FD of Railtrack.

Last month rail regulator proposals to improve Railtrack’s performance record were slated by analysis carried out for Accountancy Age by John Stittle, senior accountancy lecturer at Anglia University, as ‘simply introducing another batch of accounting problems and some weak regulatory controls’.

  • Sebastian Bull is set to take over from Steven Marshall as FD at Railtrack. He was formerly corporate finance director of the troubled rail infrastructure provider.

Railtrack under fire

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer