Crossrail chief executive Simon Wright will step down later this year after the government said it would bail out the delayed project with a £350m loan.

Transport for London said Wright, who took the role in March, would step down by the end of the year “as planned” and be replaced by London Underground managing director Mark Wild.

Last week the Government rushed to the aid of the £15.4bn project to help plug a funding gap with a £350m short-term loan.

In July the rail minister Jo Johnson announced that the project needed an extra £600m in funding, taking its total cost from £14.8bn to £15.4bn.

Over a month later it was announced the line, scheduled to open in December, would be delayed until autumn 2019.

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Johnson, announcing the loan, said a review into Crossrail’s governance and its finance and commercial position would also be conducted.

Just days after the bailout, TfL announced on Friday that Crossrail Ltd’s chief executive Simon Wright, who replaced predecessor Andrew Wolstenholme in March, would step down.

London’s transport commissioner Mike Brown said: “The Elizabeth line is the single most significant addition to London’s transport infrastructure in a generation.

“It is absolutely vital that Crossrail Ltd completes the job of delivering it safely and reliably for London.”

He added: “Mark’s extensive knowledge and experience of delivering major signalling and systems integration projects will be vital for the final stages of the project.”

Wright said the major focus would now be on the “integration of the complex railway systems” and full-time testing.

Wild’s current job will be taken on by London Underground network operations director Nigel Holness, who delay a planned move to become deputy chief executive of Metro Trains Sydney.

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