Governor Cuomo will nominate a replacement
Joe Lhota resigned as Chairman of the MTA on Friday after a year on the job. Governor Cuomo will nominate a replacement who must then be confirmed by the state Senate. With more than 5.5 million daily riders, the on-time rate for trains was unchanged from last year and stands at 65 percent.
Heard on the Street: Richard Ravtich who turned the subway around in the 1980’s on what we need in the new Chairman… “The M.T.A. needs an independent person… someone who will petition the governmental authorities — city, state and federal — and the business community for the resources necessary to restore this system to a state of good repair.”
Andy Byford has the right idea… The subway’s leader has proposed a sweeping overhaul plan that could cost $40 billion over 10 years, according to NYTimes and WSJ. Complain about the cost, but the plan actually addresses the core problem. It focuses on speeding up the rollout of a new signal system to replace the subway’s current equipment that has been used since the 1930’s. Key will be funding!