A former Unilever govt is being lined as much as take the helm of the Whitehall company which oversees taxpayers’ pursuits in companies together with the Put up Workplace, NatWest Group and Channel 4.
Sky Information has learnt that Vindi Banga, who sits on the board of GlaxoSmithKline and chairs the most cancers charity Marie Curie, is anticipated to exchange Robert Swannell as chairman of UK authorities Investments (UKGI).
Mr Banga, who has additionally been a director of Marks & Spencer, is a distinguished Metropolis determine who now additionally works as a companion at Clayton Dubilier & Rice, the buyout agency, which is among the many bidders battling to purchase Wm Morrison, the grocery store chain.
One Metropolis insider mentioned his appointment at UKGI could possibly be introduced shortly.
His arrival on the government-owned firm will come as a battle looms over the way forward for Channel 4, the state-owned broadcaster.
Ministers have signalled their need to privatise it as quickly as subsequent 12 months, triggering protests from Channel 4 board members.
UKGI additionally oversees taxpayers’ curiosity in NatWest, which may return to majority personal possession within the subsequent 12 months beneath authorities plans to cut back its stake.
Odgers Berndtson, the headhunter, has overseen the seek for Mr Swannell’s successor.
Mr Swannell, who himself was chairman of M&S for a number of years, has chaired UKGI and its predecessor physique since 2014.
The appointment of his substitute shall be signed off by Rishi Sunak, the chancellor.
A panel which incorporates Baroness Vadera, the previous Treasury minister who now chairs Prudential, is known to have interviewed the shortlisted candidates.
The UKGI chairmanship pays an annual payment of £40,000.
UKGI additionally oversees the British Enterprise Financial institution, the federal government’s stake in Urenco, the uranium processor, and The Royal Mint.
The company has performed a big position in Whitehall’s response to the COVID-19 pandemic, with its crew of company financiers offering recommendation to ministers about methods to help crisis-hit industries reminiscent of metal.
UKGI was fashioned in 2016 from the merger of the Shareholder Government and UK Monetary Investments, which was arrange in the course of the 2008 banking disaster to carry the general public’s stakes in Britain’s bailed-out banks.
A UKGI spokesman referred enquiries to the Treasury, which has been contacted for remark.