Newspaper article The Evening Standard (London, England)

New Railtrack Chiefs to Earn Double Pay of Their Predecessors

Newspaper article The Evening Standard (London, England)

New Railtrack Chiefs to Earn Double Pay of Their Predecessors

Article excerpt

Byline: DICK MURRAY

A NEW row over Railtrack threatened today as it was revealed that the replacement executive board members will be paid more than double the salaries and bonuses of their predecessors.

The salary of the new chief executive could top [pound]1 million a year under proposals now being drawn up.

The basic salary of [pound]500,000 would more than double by the time the performance-related bonus scheme, pension and fringe benefits are taken into account.

The former chief executive, Steve Marshall, earned [pound]341,000 last year including pension entitlement.

Ian Coucher, head of the Tube Lines consortium chosen by Government to take over a large section of the Tube, is among those tipped for the job.

Transport Secretary Stephen Byers, already under fire for forcing Railtrack into administration as the company announced an increase in its half-yearly profits, now faces a further backlash.

A report today says that other senior salaries also increase under proposals being drawn up by recruitment consultant Heidrick & Struggles and WestLB, the German bank bidding to work with Government for the replacement Railtrack body. …

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