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Media centre /
Press releaseNS&I SEEKS NEW CHIEF EXECUTIVE10 February 2006‘The most desirable job in UK financial services’ National Savings and Investments (NS&I), the government-backed savings provider, is in the process of seeking a new chief executive following the decision by Alan Cook CBE, the present CEO, to leave NS&I and take up the post of managing director at the Post Office Limited from March 2006. Since September 2002, after three years of declining performance, the total value of deposits has increased from £61.7 billion to £71.9 billion, with sales averaging £10 billion a year. NS&I’s mission is to be recognised as the UK’s leading and most trusted savings and investments organisation, and is three years into a five-year plan to raise £15 billion net financing for government by the end of the financial year 2006-07. To date, £9.6 billion has been raised. The infrastructure is now in place for NS&I to build on this success. New chief executive The new chief executive is likely to come from a financial services background and have experience of transforming the performance of a large, complex organisation. NS&I has appointed Russell Reynolds Associates to carry out an executive search and the post has been advertised in national broadsheet newspapers. Closing date for applications is 24 February. Sandra Postles, NS&I human resources director, said: “Alan Cook has made an important contribution to the development of NS&I. Under excellent leadership, NS&I has continued to grow and modernise and there remains considerable scope for further development of the business in the years ahead. These are exciting times at NS&I.” Luke Meynell, head of Board Practice at Russell Reynolds Associates, said: “This is a rare and excellent opportunity and possibly one of the most desirable roles in UK financial services. The CEO role is a huge opportunity for the right person to take the organisation forward to the next stage by bringing in top-level financial services and business transformation experience.” Key developments Since September 2002 NS&I has undergone significant change, with many product and service developments.
NS&I’s role NS&I exists to provide cost-effective financing for the government and in the financial year 2002-03, NS&I contributed £784 million. During this current financial year 2005-06 (to December 2005), NS&I has contributed £3.4 billion. By the end of the current financial year (31 March 2006), this figure will be even higher. The business has an exciting and challenging future ahead, with two major new product launches scheduled within the next 12 months and a roll-out of the Tesco partnership to some 700 stores across the country. ENDS Notes to Editors National Savings and Investments NS&I is a government department and an executive agency of the Chancellor of the Exchequer and is one of the largest savings organisations in the UK, offering a range of savings and investments products to 26 million customers. All products offer 100% capital security because they are backed by HM Treasury. It employs 135 people based in one office in Kensington. The chief executive heads up the executive management team, which comprises five other directors (finance, marketing, sales, partnerships and operations and human resources). Russell Reynolds Associates Founded in 1969, Russell Reynolds Associates is one of the world's pre-eminent executive recruiting consulting firms. Through a network of 33 wholly owned offices, the firm's more than 290 professionals conduct executive recruiting assignments in a range of industries for public and private organisations of all sizes. The firm’s UK board practice consists of six senior partners, who handle board appointments for publicly quoted companies and operate as part of the global Board Practice. www.russellreynolds.com
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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