Hong Kong Rail Chief Jay Walder to Step Down

[HenryB]

Remember that guy that left MTA years before? it looks like he has some troubles in hong kong...

Not just NYC, it seems like he could mess up every city's transit system in world.

 

 

http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=1&ved=0CCYQqQIoADAA&url=http%3A%2F%2Fonline.wsj.com%2Fnews%2Farticles%2FSB10001424052702304655304579549063960777536&ei=5CVsU47ODam0sQTXzYCgBg&usg=AFQjCNG8Dfh_bMzFzayNtszdcSXu-0feCA&sig2=JLnfwaUYi5y6Dn93OEjEOQ&bvm=bv.66111022,d.cWc&cad=rja

 

 

HONG KONG—Hong Kong's rail operator MTR Corp. 0066.HK -1.37% said its chief executive, American Jay Walder, will step down after his contract expires in August next year.

The announcement comes as the railway company faces harsh scrutiny from local lawmakers and the media over delays and cost overruns involving a high-speed express rail project linking the former British colony with mainland China.

MTR Chairman Raymond Ch'ien told reporters on Thursday that Mr. Walder had reached an agreement with the company and directors last August that he wouldn't renew his contract after it expires in August 2015.

Mr. Walder took over as head of MTR in January 2012 after leading New York's Metropolitan Transportation Authority for two years.

Mr. Ch'ien said Mr. Walder's decision had nothing to do with the recent controversies over the high-speed railway delays, which have already led to the resignations of the company's project director and the top engineer overseeing the express rail terminus, a key part of the multibillion-dollar project.

MTR said in mid-April that the opening the express rail line could be delayed for two years to 2017 because of recent weather-related issues, and problems with the groundwork at the express rail terminus that hampered construction progress.

However, some lawmakers and the media have accused the company, which is 77%-owned by the city's government, of withholding information and for not making public the delays much earlier.

MTR executives have apologized for the delays and have said the company would work to meet the new completion target.

The controversy over construction delays has hurt MTR's strong global reputation of running a subway system with a 99.9% on-time rate. The company stands apart from its rivals because it has been constantly profitable without direct government support.

MTR hired Mr. Walder to head Hong Kong's sole rail transit system when the company was aggressively expanding its rail footprint outside the city, particularly in mainland China and Europe.

Mr. Walder was paid about $1.56 million in salary and bonus in 2012, more than four times his $350,000 annual paycheck at New York's MTA. He couldn't be reached for comment on Thursday.

[Missabassie]

Poor baby.... lost the midas touch?