Rachel McLean, Transport for London’s (TfL’s) Chief Finance Officer, is to retire in February 2026, marking the end of a career that saw her play a key role in some of the organisation’s biggest achievements.
During her tenure, McLean was instrumental in guiding TfL to achieve its first-ever operating surplus and securing the first long-term capital funding agreement with the government since before the pandemic. She was also central to the delivery of the Elizabeth line, a project she worked on as CFO for Crossrail.
McLean was appointed TfL’s Chief Finance Officer in October 2022. Prior to this, she was the Director General and Chief Financial Officer at the Ministry of Housing, Communities, and Local Government. She also held the position of Director of Planning, Performance and Finance at HMRC Customer Services.
A Lasting Legacy
Andy Lord, London’s Transport Commissioner, said: “Rachel’s retirement marks the close of an extraordinary chapter. Over her tenure she has led TfL to its first-ever operating surplus, delivering this milestone for two consecutive years, and with a third year of surplus set as our budget for this year. She has also been instrumental in securing a long-term capital funding agreement with the Department for Transport (DfT) – a transformative achievement that will support our future ambitions. This, and her work to deliver Crossrail, leaves a lasting legacy for London.”
Lord praised McLean’s ability to influence stakeholders and her calm leadership, which earned trust across central and local government and within TfL.
Rachel McLean, TfL’s Chief Finance Officer, said: “It has been an immense honour and privilege to play a small part in the success of TfL and this wonderful, vibrant city we serve. Even though I am retiring, I am confident that the exceptional leadership and committed teams working at TfL will make even greater progress in the months and years ahead.”
TfL will now begin the recruitment process for her successor.
