Iain Coucher has informed Network Rail’s Board of his intention to step down following eight years with the company, including three years as chief executive. He will remain in his post over the coming months and will be involved in the search and recruitment of a successor to allow for a smooth and orderly transition.

Network Rail chairman, Rick Haythornthwaite, said: ‘The Board and Iain agreed that ,with Network Rail one year into a five year financial settlement, now is the ideal time in our financial and regulatory cycle for Iain to hand over to a new chief executive who will guide the company through the process of reviewing our funding with the Office for Rail Regulation for the next regulatory control period and address the next phase of challenges in its transformational journey’.