NS&I announces new Board Chairman and Non-executive Director
Mr Spencer is an existing non-executive director of NS&I and his new appointment runs for a three-year term from 1 January 2005. He has replaced Richard Wright who had served as chairman for the previous three years.
He has been joined on the board by Martin Gray who became a non-executive director on 1 January 2005. National Savings and Investments is the fifth largest savings organisation in the UK with £67.6 billion invested and a turnover of £12.7 billion in 2003/04.
It is an Executive Agency of the Chancellor of the Exchequer and its remit is to reduce the cost to the taxpayer of government borrowing by offering retail savings and investments products. These products include Premium Bonds, Index-linked Savings Certificates and Guaranteed Equity Bonds.
Paul Spencer
Mr Spencer, 55, joined the NS&I board as a non-executive director on 1 September 2003 before becoming chairman. He is currently a non-executive director of WPP, the international communication services provider; non-executive chairman of the State Street Managed Pension Funds and of Goshawk Insurance Group PLC. He is also the chairman of the Association of Corporate Treasurers Advisory Board. He was chief executive of Royal and Sun Alliance (UK) between 1998 and 2002 and also was a member of the Board of the Association of British Insurers (ABI).
Martin Gray
Mr Gray, 58, was chief executive of NatWest UK between 1992 and 1998. He is also currently a non-executive director of Miller Insurance Group and also has been a director of England & Wales Cricket Board Ltd. The role of a non-executive director at National Savings and Investments is to ensure a sound strategy is in place to deliver government targets. The position also includes providing an external source of advice, maintaining risk control and ensuring links with NS&I’s strategic partners remain open and transparent.
Richard Wright
Richard Wright retired as chairman on 31 December 2004 after the end of his successful three-year term. During Mr Wright’s time at NS&I, the amount invested with NS&I has grown from £62.7 billion to £66.7 billion, a five-year growth strategy was launched (called Direction 2007) and a five year extension to the ten year business partnership with Siemens Business Services was signed.
Alan Cook, chief executive of NS&I said,
“I would like to thank Richard Wright for his hard work and guidance over the past three years which has seen this business go from strength to strength. His experience proved beneficial for the business and for our customers. Leaving after a successful term as chairman, he paves the way for Paul and Martin, and NS&I looks forward to continuing with its recent success.”
Notes to Editors
- The current board members are
Chairman and non-executive director - Paul Spencer
Executive Management Team – Alan Cook, Trevor Bayley, Steve Owen, John Prout, Sandra Postles. Marketing Director to be appointed.
Non-executive Directors – Martin Gray, Michael Medlicott, Maria Stafford HM Treasury – Sue Owen, Sarah Tebbutt, Lawri Kahn - Photographs of Board members available on request