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Sunak kicks off hunt for new UKGI chair as Swannell steps down | Business News

The Treasury has kicked off a search for a new head of the Whitehall company accountable for taxpayers’ pursuits in companies together with the Post Office, NatWest Group and Channel 4.

Sky News has learnt that Odgers Berndtson, the headhunter, has begun contacting potential candidates about changing Robert Swannell, who has chaired UK Government Investments (UKGI) and its predecessor physique since 2014.

The appointment of Mr Swannell’s successor will likely be signed off by Rishi Sunak, the chancellor.

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Robert Swannell has led the physique and its predecessor since 2014

Insiders mentioned the function was more likely to go to a different skilled FTSE-100 chairman, with a time limit for functions set in mid-April.

A panel which incorporates Baroness Vadera, the previous Treasury minister who now chairs Prudential, is predicted to interview shortlisted candidates.

The function pays an annual charge of £40,000.

UKGI additionally oversees the British Business Bank, the federal government’s stake in Urenco, the uranium processor, and The Royal Mint.

The company has performed a big function in Whitehall’s response to the COVID-19 pandemic, with its crew of company financiers offering recommendation to ministers about easy methods to help crisis-hit industries such as metal.

UKGI was fashioned in 2016 from the merger of the Shareholder Executive and UK Financial Investments, which was arrange through the 2008 banking disaster to carry the general public’s stakes in Britain’s bailed-out banks.

The logo of a NatWest bank is seen in London June 24, 2012
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UKGI is accountable for the taxpayer stake in NatWest

A UKGI spokesman declined to touch upon Tuesday night.

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