Transport Briefing — Public transport developments and project news: "Transport for London finance supremo quits
Filed 23/11/06
Transport for London has announced that Jay Walder, the organisation's managing director for finance and planning for the last six years, will leave at the end of February next year to join the management consulting firm McKinsey & Company as a partner.
The departure of one of its most senior staff will come as a blow for TfL. Walder is credited with securing a landmark funding settlement from the government's 2004 Spending Review that has formed the basis of TfL's five-year, �10bn investment plan and allowed TfL to borrow money to undertake projects such as the East London Line extension._
Mayor of London, Ken Livingstone, said: 'Jay has made a huge contribution to transport in London. His financial expertise unlocked the biggest investment in London's transport in the last 50 years. Over his six years at TfL he has identified �1.26bn of efficiency savings through to 2009/10, which we are able to plough back into improving services, and has helped win for TfL the rating of 'excellent' from the Audit Commission.
'He also successfully introduced the Oyster smartcard, which gives millions of Londoners easier, faster journeys. We will be sorry to see him go, but Jay's work at TfL has broken the cycle of short-term stop-start investment and means London's transport system faces the future in a much healthier state.'
Walder's decision to quit follows his failure to secure the top London transport job succeeding transport commissioner Bob Kiley last year. The position was awarded to Peter Hendy.
Hendy said: 'Jay joined TfL just after it was created and has been a key figure in turning it into an organisation that is respected around the world for its record of delivery and innovation. Jay's experience at the Metropolitan Transportation Authority in New York, allied with his experience as an academic and financier, meant he was the perfect person to lead on issues such as transport plans for the Olympics, major investment projects such as Crossrail, and TfL's long-term strategic plans.'
Jay Walder said: 'TfL has been an extremely rewarding experience. I am grateful to the Mayor of London, Ken Livingstone for inviting me to join TfL. The last six years have been a fantastic opportunity. I am delighted that I will continue to live in London in my new role at McKinsey and watch as the transport network benefits from the investment now flowing in.'"
Filed 23/11/06
Transport for London has announced that Jay Walder, the organisation's managing director for finance and planning for the last six years, will leave at the end of February next year to join the management consulting firm McKinsey & Company as a partner.
The departure of one of its most senior staff will come as a blow for TfL. Walder is credited with securing a landmark funding settlement from the government's 2004 Spending Review that has formed the basis of TfL's five-year, �10bn investment plan and allowed TfL to borrow money to undertake projects such as the East London Line extension._
Mayor of London, Ken Livingstone, said: 'Jay has made a huge contribution to transport in London. His financial expertise unlocked the biggest investment in London's transport in the last 50 years. Over his six years at TfL he has identified �1.26bn of efficiency savings through to 2009/10, which we are able to plough back into improving services, and has helped win for TfL the rating of 'excellent' from the Audit Commission.
'He also successfully introduced the Oyster smartcard, which gives millions of Londoners easier, faster journeys. We will be sorry to see him go, but Jay's work at TfL has broken the cycle of short-term stop-start investment and means London's transport system faces the future in a much healthier state.'
Walder's decision to quit follows his failure to secure the top London transport job succeeding transport commissioner Bob Kiley last year. The position was awarded to Peter Hendy.
Hendy said: 'Jay joined TfL just after it was created and has been a key figure in turning it into an organisation that is respected around the world for its record of delivery and innovation. Jay's experience at the Metropolitan Transportation Authority in New York, allied with his experience as an academic and financier, meant he was the perfect person to lead on issues such as transport plans for the Olympics, major investment projects such as Crossrail, and TfL's long-term strategic plans.'
Jay Walder said: 'TfL has been an extremely rewarding experience. I am grateful to the Mayor of London, Ken Livingstone for inviting me to join TfL. The last six years have been a fantastic opportunity. I am delighted that I will continue to live in London in my new role at McKinsey and watch as the transport network benefits from the investment now flowing in.'"
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