Malcolm Brown

Chief Executive Officer

Malcolm is a distinguished figure in the rail industry, with more than 25 years’ experience under his belt. He has been at the helm of Angel Trains as CEO between 2008 and 2018 and resumed his tenure in September 2020.

He has played a pivotal role in an abundance of milestone new-build and refurbishment projects, including the £900 million procurement of 665 Bombardier Aventra vehicles for Abellio East Anglia.

He is also Chair of the Rail Industry Decarbonisation Task Force, which is responding to the challenge of reducing carbon emissions across the rail network in line with the government’s target to remove all diesel-only trains by 2040.

David Jordan

Chief Operating Officer

David is an esteemed and long-standing member of the Angel Trains team, joining the business in 2002. He is a Chartered Mechanical Engineer with over 25 years’ experience in the rail industry, holding the position of Head of Commercial from 2011 and COO from 2018. He is also a non-Executive Director of the Rail Safety and Standards Board (RSSB).

During his time with us, David has successfully led our commercial team through several successful re-leasing and new train bids with South West Railway, TransPennine Express and Abellio East Anglia.

Alan Lowe

Chief Financial Officer

Alan is a Chartered Accountant with over 30 years’ experience in industry and financial services. Alan joined the team 11 years ago and was appointed as CFO in 2012. As CFO, he’s responsible for the Finance, Legal and IT functions.

As CFO, Alan is responsible for leading Angel Trains’ investment projects and providing competitive financing solutions for the procurement and refurbishment of new and existing rolling stock.

Matthew Prosser

Asset Management Director

Leading our unrivalled team of technical engineers, Matthew is responsible for driving forward innovation within the business and across the rail industry. As a Chartered Mechanical Engineer with over 25 years’ experience in rolling stock engineering and leadership, Matthew is at the helm of driving Angel Trains’ projects to lower carbon emission across rail travel.

Prior to joining Angel Trains, Matthew was the Engineering and Safety Director at Chiltern Railways and held positions at Arriva Trains Wales, WS Atkins Rail, Eurostar.

Mark Russell


Mark Russell was appointed Chair of Angel Trains in February 2021. He is also Chair of Defence Equipment and Support (DE&S), the procurement organisation of the Ministry of Defence, Chair of Angel Trains, and Senior Adviser of UK Government Investments (UKGI) and Vice Chair of UK Government Investments (UKGI) in having been Chief Executive of UKGI (and its predecessor body, the Shareholder Executive) from April 2013 to October 2019. Mark joined the Shareholder Executive as head of its Corporate Finance Practice in November 2004 and was appointed Deputy Chief Executive in April 2008.

Previously Mark was a partner in the corporate finance departments of KPMG London and KPMG Frankfurt. Prior to this Mark worked at PwC Corporate Finance and Robert Fleming & Co., Lazard Brothers and A.T. Kearney.

Mark was a non-executive director of DP World, the ports and logistics operator, from 2014 to 2022 and chaired its Audit and Risk Committee from 2018. Mark was previously non-executive director of the Submarine Delivery Agency, non-executive director and chairman of the audit committee of Eurostar International Limited and senior independent director of LCR.

Stuart Paterson

Non-Executive Director

Stuart Paterson is a Chartered Accountant with 40 years’ experience in the profession and industry. He joined Angel Trains on the 1 September 2018 and is currently the Non-Executive Chairman of the Macfarlane Group PLC having previously chaired the Audit Committee from 2013 – 2017.

He was formerly the Chief Financial Officer at Forth Ports Limited and prior to that he was the Chief Financial Officer and Board Director at Johnston Press PLC and was an Executive Board Director with Aggreko PLC. He also held senior management positions in Motorola and Hewlett Packard.

In addition to his executive roles, Stuart was a Non-Executive Director for Devro PLC from 2006 – 2012 where he also chaired the Audit Committee.

Stuart is a Trustee of the Royal Yacht Britannia and a member of its Audit, Risk and Remuneration Committee.

Feriel Feghoul

Shareholder Representative Director

Feriel is a seasoned finance and infrastructure professional with over 15-year track record as an originator and asset manager of successful global investments in multiple core and core-plus infrastructure subsectors.

Feriel re-joined PSP in 2022 as part of the London Infrastructure team as a Senior Director and is also Non Executive Board Member of Roadis, a PSP wholly-owned global road platform. Prior to joining she was a Senior Director at Arcus Infrastructure Partners. She was also Non Executive Board Member of Brisa. Prior to that, she was Director at Wren House Infrastructure with a focus on the origination and asset management of transport and energy assets across different regions globally. Feriel was a key member of the execution and asset management team for Associated British Ports and London City Airport as well as of North Sea Midstream Partners (NSMP). Feriel was also member of the Audit Committee and Board Observer of London City Airport. Prior to Wren House, Feriel was an Investment Associate at PSP Investments, based in Montreal, Canada.

Feriel holds a Bachelor of Commerce from McGill University, Canada and a MSc in Financial Economics from Saïd Business School of the University of Oxford, UK.

Alan Chaplin

Non-Executive Director

Alan is a Chartered Engineer with over 45 years’ experience in the rail industry. After starting his career in Scotland with British Rail, he worked in the privatised industry which included spells in Australasia, Europe, and the UK in a range of engineering, operational and programme management roles.

He joined Angel Trains in November 2022 as an independent non-executive Director.

Alan has worked on major transport subsidiary boards including National Express, Alstom, Veolia Transport and Arriva group. He is a graduate of Sheffield University with an MSc in Engineering (Rail Systems) and a Chartered Mechanical Engineer (FIE Aust CPEng Retired).

Chris Morgan

Shareholder Representative Director

Chris was appointed to the Angel Trains Board in September 2021 as a shareholder director representing Amber Infrastructure. Chris is an infrastructure investment professional with more than 15 years’ experience. He has worked at Amber Infrastructure since 2012 where he is a Senior Investment Director responsible for managing various infrastructure investments. Prior to joining Amber Infrastructure, Chris worked at Deloitte where he provided advice to clients in connection with corporate transactions. Chris has a first-class degree in Accounting and Finance from the University of Southampton and is a Fellow of the Institute of Chartered Accountants in England and Wales.

Pauline Walsh

Shareholder Representative Director

Pauline Walsh joined the Board of Angel Trains as a Non-Executive Director in January 2022 and is a representative of PSP, Angel Trains’ majority shareholder. Pauline was CEO of Affinity Water Ltd. from 2018 to 2021. She quickly developed a 5-year business plan and implemented changes to deliver strong performance improvements in all areas of the business. Her teams have won awards for innovation, operational excellence and creative marketing campaigns.

Before Affinity, Pauline was Director of National Grid Gas, responsible for operating and maintaining the UK’s high pressure Gas Transmission System, where she instigated a major data and asset health improvement program. Pauline’s career before National Grid spanned many countries and sectors. She has worked in senior leadership roles in Automotive, Lighting, Renewable Energy, Consumer Goods and Power Generation. She won an international award during her time as Production Manager at Ford’s Mondeo Assembly Plant in Belgium.

Pauline sat on the public boards of Bonheur ASA and Ganger Rolf ASA in Oslo, Norway, from 2010-2013. She has also been a director on the boards of The Buccleuch Estates and Water UK and was a trustee of The Sunnybank Trust, which supports people with learning disabilities.

Pauline has an honours Mechanical Engineering degree from UCD, Ireland and an MBA from IMD, Switzerland. She is an Honorary Fellow of the Institute of Engineers of Ireland.

Romain Py


Romain joined Arjun in 2020 and is a Partner, responsible for originating and executing investments. He was previously the CIO for African Infrastructure Investment Managers (AIIM, the former Macquarie-Old Mutual JV), where he supervised the successful deployment of AIIF2 and AIIF3, and partial realisation of AIIF2 (5 exits out of 8 assets).

Prior to that, Romain was the Head of European Transactions for J.P. Morgan Asset Management’s Infrastructure Investment Group and was one of the founding team members in Europe. At JPMAM, Romain was responsible for leading the investment activity in Europe, across all sectors, including regulated utilities (gas, electricity and water), renewables and transportation (airports, roads and ports). He led a number of transactions, including the acquisition of Electricity Northwest in the UK, Cairns & Mackay airports in Australia and Dragados SPL (now renamed Noatum) in Spain. He was a member of the risk committee and served on the boards of various infrastructure companies.

Before that, Romain worked at HSBC and Société Générale, where he structured and executed over $30bn of infrastructure transactions in both advisory and arranging capacities across the EMEA region and the Americas.

Romain holds an MSc in Corporate Finance from EM Lyon Business School and an MSc in International Economics from Paris-Dauphine University.

Lorraine Baldry OBE

Shareholder Representative Director

Lorraine Baldry joined the Board of Angel Trains as a Non-Executive Director in January 2022, and is a representative of PSP, Angel Trains’ majority shareholder. Lorraine is Chair of CCm Technologies Limited, Inventa Partners Limited and Hydroxyl Technologies Limited. She has previously been Chair of Schroders Real Estate Investment Trust Limited, Sellafield Limited, London & Continental Railways Ltd, a Non-Executive Director of Thames Water and a Governor at the University of the Arts, London.

Lorraine was Chief Executive of Chesterton International plc and prior to that held various senior positions at Prudential Corporation, Morgan Stanley, and Regus.

She is a also former Chair of London Thames Gateway Development Corporation and Central London Partnership and was a Non-Executive Director of Circle Holdings plc, St Ives plc and DTZ Holdings plc. Lorraine was a Board Member of the Olympic Delivery Authority and Chaired the Planning Committee.

Lorraine is an Honorary Member of the Royal Institution of Chartered Surveyors and a Past President of the British Property Federation. She was awarded OBE in the Queen’s Jubilee Honours.

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