Exclusive: New Supremo For State Assets Body

[TrueBlueTerrier]

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I have learned that the body that manages hundreds of billions of pounds-worth of state-owned assets is to appoint a former insurance boss as its new supremo.

The Shareholder Executive, which will be responsible for overseeing the privatisation of Royal Mail, is poised to name Patrick O'Sullivan as its next chairman. An announcement about the arrival of the former Zurich Insurance finance director could come as early as tomorrow, I'm told.

O'Sullivan will be joining the Shareholder Executive at a critical time given the challenged state of Britain's public finances.

Working with Stephen Lovegrove, the body's chief executive, he will be charged with raising billions of pounds from the sale of the Government's shareholdings in Royal Mail, National Air Traffic Services and Urenco, the uranium processor (among other things).

O'Sullivan, whose appointment was being rubber-stamped by Vince Cable, the Business Secretary, today, is chairman of Old Mutual, the financial services group, deputy governor of the Bank of Ireland and senior independent director of Man Group, the asset manager.

The Shareholder Executive is widely-regarded as having professionalised the process of managing publicly-owned assets, creating a new property unit to oversee the Government's vast real estate holdings. Earlier this year, it supervised the sale of the Tote, the bookmaker, for which it helped secure a better-than-expected price.
O'Sullivan will replace Philip Remnant, a senior investment banker who has held the role since 2007, early next year, I'm told.

Among the other projects on the Shareholder Executive's agenda are the sale of a portfolio of student loans and the integration of a new public data corporation, comprising organisations such as the Met Office and the Ordnance Survey.

The Department for Business, Innovation and Skills declined to comment tonight. O'Sullivan could not be reached.

[hans solo]

high time the state (us) took the fight to gvmt to defend our assets not theirs
any other european state workforce would hit the streets

[Phantom]

high time the state (us) took the fight to gvmt to defend our assets not theirs
any other european state workforce would hit the streets

Yep they would but not the spineless UK workforce, to be united is now a dirty word so its every man for himself in this selfish country