Rachel McLean, Transport for London’s (TfL’s) Chief Finance Officer, will be retiring from TfL in February 2026. Her stellar career shaping London’s transport network has seen her play a central role in enabling TfL to achieve an operating surplus for the first time in its history, securing the first long-term capital funding agreement with Government since before the pandemic and delivering the game-changing Elizabeth line.
Rachel was appointed as TfL’s Chief Finance Officer in October 2022 and was previously the CFO for Crossrail and Finance Director for Operations, having re-joined TfL in January 2020 from the Ministry of Housing, Communities, and Local Government where she was a Board Member and the 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.”
