Home High Speed Rail HS2's chief financial officer to step down

HS2’s chief financial officer to step down

The chief financial officer for HS2 Ltd has announced he is to leave the company at the end of this financial year.

In a statement issued on the government’s website, Steve Allen said that he has made the decision in light of ‘weaknesses’ highlighted by a National Audit Office (NAO) report in regards to critical approvals for redundancies.

He said, ‘The weaknesses highlighted by the NAO report resulted in both the HS2 Executive and Board being misinformed about the status of critical approvals for redundancies.

‘Those assurances were given by teams for which I was responsible and, obviously, I regret that.


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‘So, whilst we are now putting in place the measures to strengthen financial governance systems and to provide robust financial stewardship for the company, I believe it will be appropriate for me to move on.’

HS2 CEO Mark Thurston, who joined the company in March, said that Steve had been ‘absolutely critical’ in identifying ways to rectify issues highlight by the NAO.

He added, ‘But, having done that, I respect Steve’s decision that now is the right time for him to move on.

‘I would like to thank him for all he has done for the company in this formative period.

‘His honourable decision will enable me to build the executive team for the next phase of the project.’


Read more: National College for High Speed Rail officially launches


 

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