Jay Walder on Thursday announced his resignation as chairman and chief executive of New York’s Metropolitan Transportation Authority, effective Oct. 21.
Walder has overseen the region’s transit system and its 8.5 million riders since October 2009 when former Gov. David Paterson appointed him. He will become CEO and board member of MTR Corp. in Hong Kong.
Publicly traded MTR operates rail services in Asia and Europe. Its business activities include consulting and property development.
“I believe that we have accomplished quite a lot in a short period,” Walder said in a statement after informing Gov. Andrew Cuomo of his decision.
“For nearly two years, Jay Walder has shown true leadership at the helm of the MTA and been a fiscally responsible manager during these difficult financial times,” Cuomo said in a separate statement.
The MTA is expected to introduce its budget for fiscal 2012 next week. Its finance committee and full board are expected to meet Monday and Wednesday, respectively.
The authority, which is responsible for New York City’s buses and trains, as well as Long Island Rail Road and Metro-North Railroad, said Wednesday it would cut its five-year capital plan by $2 billion, to $24.2 billion.
Walder said that cutting administrative payroll by 15% would bring savings of $150 million.
The MTR operates commuter rail in Hong Kong and intercity rail services from Hong Kong to Beijing, Shanghai and Guangdong in China. It also is building rail lines in Hong Kong and China.
In addition, the MTR operates rail systems in London, Stockholm, and Melbourne and provides rail consultancy services in Asia, Australia, the Middle East, and Europe. Its shares have traded on the Hong Kong Stock Exchange since 2000.
Walder will become CEO designate at his new position on Nov. 1 and CEO on Jan. 1.
