The Bank of England has begun the search for a chief operating officer as it moves to take on new powers and shake up the role performed by its governor.
The central bank said yesterday that the appointment would be made in the new year once a successor to Sir Mervyn King, who is due to retire as governor at the end of June, was found.
Executive search firm Odgers Berndtson has been charged with finding the right person to fill the new role.
The news came as the Bank’s finance director, Warwick Jones, said he planned to retire at the end of June, coinciding with King’s departure. Once appointed, the chief operating officer will lead the search for a new finance director.
The Bank is set to gain additional powers in a sweeping overhaul of Britain’s regulatory framework, aimed at preventing a repeat of the financial crisis when a number of banks collapsed and had to be bailed out.
The chief operating officer will work alongside the Bank’s deputy governors and will take responsibility for the day-to-day management of the central bank, including the oversight of the finance, information technology and human resource functions.
“This will allow the governor and deputy governors more time to focus on their policy responsibilities,” the Bank added.
The Chancellor is expected to announce his choice for the governor role in his autumn Budget statement on 5 December.
Deputy governor Paul Tucker is seen as the front-runner to land the job, but Lord Adair Turner – chairman of City watchdog the Financial Services Authority – and former Bank chief economist Sir John Vickers have also thrown their hats into the ring.
King, who will have served two five-year terms, said yesterday: “I want to extend my warmest personal thanks to Warwick for his outstanding contribution to the Bank over the past six years.
“He has transformed the financial management of the Bank.”