Rick Haythornthwaite has taken over as Chairman of Network Rail following the departure of Sir Ian McAllister at the company’s AGM held in Bristol yesterday.

Sir Ian announced his decision to step-down at this year’s AGM back in October 2008 and in January, the company announced a new designate Chairman had been found, Rick Haythornthwaite.

Mr Haythornthwaite was elected as a Director of the company at Wednesday’s AGM and as Chairman, by the Board at a meeting that followed the AGM.

Commenting on his appointment Mr Haythornthwaite said: “It will be a privilege to lead this large, complex and important company as it delivers some big challenges in the years ahead. Success is vital for the three million people who use our railways every day as well as to the economy of the UK.”

Also leaving the Board of Network Rail was Jim Cornell, the senior non-executive director, who retired. Replacing him as senior non-executive director is Steve Russell.