Tube Lines chief gets massive payout despite firm missing targets

The
boss of engineering firm Tube Lines, which runs a third of the London
Underground, has been paid a six-figure bonus despite the company failing to
meet targets for running trains on time.

According
to the company’s report and accounts, chief executive Terry Morgan’s pay
package was £552,000, including a £100,000 performance bonus.

Bob
Crow, general secretary of the UK’s
biggest rail union, the RMT, yesterday said the tube’s performance had got
worse, rather than better:

"The
PPP [public-private partnership] is an expensive scheme for producing
guaranteed, risk-free profits, whether or not the tube gets any better,"
he said.

"A
six-figure performance bonus for the chief executive really is the icing on the
cake – Tube Lines must have a novel definition of performance."

By Quentin Reade