NETWORK RAIL ANNOUNCES THE INTENTION OF JOHN ARMITT TO RETIRE AS CHIEF EXECUTIVE

Tuesday 12 Dec 2006

NETWORK RAIL ANNOUNCES THE INTENTION OF JOHN ARMITT TO RETIRE AS CHIEF EXECUTIVE

Region & Route:: National

IAIN COUCHER TO SUCCEED HIM AS CHIEF EXECUTIVE OF NETWORK RAIL Network Rail announced today that John Armitt has declared his intention to retire as Chief Executive of Network Rail at the end of July 2007 after more than five successful years in the post. Ian McAllister, Chairman of Network Rail said: “John Armitt has been an outstanding Chief Executive. He took over at a time when the railway had considerable problems, and he has successfully led the team as we have stabilised the company, delivered a substantial improvement in the punctuality of trains and the cost efficiency of the railway. His contribution has been enormous, and he is recognised as one of the great leaders of the railway industry. The Board of Network Rail and I extend our gratitude to John for his outstanding contribution.” Ian McAllister also announced that Iain Coucher will be appointed as the next Chief Executive with effect from August 2007. Mr Coucher has been Deputy Chief Executive of Network Rail since October 2002 and has been a key part of the team, alongside John Armitt, in delivering the substantial improvements at Network Rail over that time. Ian McAllister continued: ”The strength of Network Rail’s leadership team has been one of our greatest assets and the choice of Iain to succeed John as the next Chief Executive means we have continuity to build on the success of recent years. Iain is a strong, focussed and determined leader. The Board knows he will build on our achievements as we seek to deliver a world-class railway for passengers and freight users.” Commenting on today’s announcement, John Armitt said: “Following five challenging, enjoyable and successful years, the time is now right to move on. Our team has achieved a great deal and I am proud to have led them. The company is now a stable and confident organisation ready to meet the challenges which lie ahead. I thank all of the employees for their support and efforts during my time with Network Rail. “The rail industry is expecting demand growth of at least 30% over the next ten years. The next challenge is to meet this demand and I believe that 2007 will be the right year to leave the next phase to my successor. I know the railway will continue to go from strength to strength under Iain Coucher’s leadership.” Iain Coucher added: “I am very proud to be announced as the next Chief Executive at a time when the railway has become a success story. That it has done so is down in no small part to John Armitt, to whom I would like to pay tribute. “The challenge ahead, and my personal priority, is to grow the capacity of the railway to meet the ever-growing needs of passengers and freight users whilst maintaining high levels of punctuality, safety and continuing to drive down costs. In recent years, Network Rail has delivered a substantially better railway to Britain – I am committed to making these improvements continue.”

Notes to editors

John Armitt was appointed as Chief Executive of Railtrack PLC (in Railway Administration) in December 2001, and subsequently appointed as Chief Executive of Network Rail in October 2002. He will formally cease to be Chief Executive in July 2007. In the interim, there will be a smooth handover of responsibilities from Mr Armitt to Mr Coucher. Since John Armitt was appointed as Chief Executive: The proportion of trains running on-time has increased from 77% to 88.1% Over £13.5bn has been invested in the railway £1.1bn of efficiency savings have been delivered over the past two and a half years John Armitt biography: John Armitt was born in North London in February 1946 and is a life long Arsenal supporter. He studied Civil Engineering at Portsmouth College of Technology and started a long career with John Laing Construction in 1966. During the next 27 years he worked on major projects in the UK and around the world, including: power stations, oil rigs, petrol-chemical plants, airports, roads, bridges and hospitals In 1993 he was appointed Chief Executive of Union Railways, the company responsible for the Channel Tunnel Rail Link. In the following four years the route was agreed, an Act of Parliament processed and construction of the high speed link commenced. In 1997 he was awarded a CBE for his contribution to the rail industry In April 1997 he rejoined the construction industry as Chief Executive of Costain Group PLC In December 2001John was appointed Chief Executive of Railtrack PLC (in Railway Administration) and subsequently in October 2002 of its successor Network Rail; the post he holds today John has a son, daughter and two grandchildren Iain Coucher biography: Previously Managing Director of Network Rail, Iain Coucher became Deputy Chief Executive of Network Rail when it acquired Railtrack PLC in October 2002. Iain has responsibility for all day-to-day operations. Previously, Iain was Chief Executive of TubeLines, one of the preferred bidders for the London Underground public private partnership. Before joining Tube Lines, Iain worked for EDS for 15 years, culminating in heading up the company’s mergers and acquisitions across Europe, the Middle East and Africa His career has included extensive experience in the transportation sector, particularly with London Underground. He was seconded to the TranSys consortium between 1996 and 1998 as its Chief Executive and led the development of the Underground’s smartcard ticketing system Iain is an Engineering graduate from Imperial College, London and also has an MBA and a degree in Modern Art. Iain is married with two young children

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