TfL’s Chief Finance Officer McLean to retire

Rachel McLean, Transport for London’s (TfL’s) Chief Finance Officer, will be retiring in February 2026. TfL said McLean played a central role in achieving an operating surplus for the first time in the organisation’s history, securing the first long-term capital funding agreement with the Government since before the Covid-19 pandemic and delivering the Elizabeth line.

McLean has been in the role since October 2022, before which she was the CFO for Crossrail and Finance Director for Operations. She 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. 

She 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 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 start a recruitment process to appoint a successor to the role.