TfL's Chief Finance Officer announces retirement
Transport for London’s Chief Finance Officer, Rachel McLean, will retire from TfL in February 2026.
TfL has announced that its Chief Finance Officer, Rachel McLean, will retire next year.
McLean was appointed in October 2022, and has the role has seen her play a central role in shaping London’s transport network.
McLean was a key figure in the delivery of London’s game-changing Elizabeth Line, securing the first long-term capital funding agreement with the Government since the pandemic.
Rachel was previously the CFO for Crossrail and Finance Director for Operations, having rejoined TfL in January 2020 from the Ministry of Housing, Communities, and Local Government, where she served as a Board Member and Director General - Chief Financial Officer.
Rachel was also previously the Director of Planning, Performance and Finance at HMRC Customer Services.
London’s Transport Commissioner, Andy Lord, 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.
“Rachel’s ability to influence and engage stakeholders at every level has been a defining strength. Her clarity, credibility, and calm leadership have earned trust across both central and local government, industry, and within our own teams - helping us navigate complexity with confidence. We wish her a happy and fulfilling retirement.”
Rachel McLean, Transport for London’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 commence a recruitment process to appoint a successor to the role.