All change at top of rail firms as finance director leads Channel Tunnel running

Mark Bayley, the finance director of London & Continental Railways (LCR), is favourite to take over the top job at the Channel Tunnel high- speed rail link company.

Rob Holden, the present chief executive, is negotiating to take over at Crossrail, the £16bn Heathrow-to- Essex rail link. A source close to LCR said Mr Bayley is the favoured candidate to succeed Mr Holden.

Terry Morgan, the chief executive of London Underground engineer Tube Lines, has been named Crossrail chairman. Mr Holden is likely to be officially named as chief executive in the spring, but has already informally accepted the position.

Crossrail has named its shortlist of three for project delivery partner – the consortium that will lead the link construction. US engineer Bechtel is up against a group led by Ftse 100 construction company Balfour Beatty, and a joint venture between Northcroft and Capita Symonds.