CBI on hunt for Soames successor
The CBI has kicked off its hunt for a new chair to succeed Rupert Soames, the man credited with saving the lobby group from the brink of collapse.
The UK’s business industry body has enlisted headhunters to help with the search for Soames’ successor in one of the most prominent roles in corporate Britain.
Soames, whose grandfather was Winston Churchill, is expected to stay in the role until early next year line with the typical tenure of CBI chairs. But the start of the recruitment process, first reported by Sky News, marks the culmination of what has been a highly eventful tenure for the City grandee.
The former Serco boss took the helm with the lobby group in crisis, after its bungled response to a sexual assault crisis led to over 100 firms pausing or suspending their membership and saw it shut out by ministers and opposition parties.
In 2023, the CBI was rocked by a litany of allegations of sexual misconduct and attacks committed top brass.
The fiasco culminated in the body ousting its then chief executive Tony Danker and taking out an emergency loan with a group of banks after its core revenue stream dried up.
Soames and chief executive Rain Newton-Smith are widely credited with navigating a successful turnaround. Sky News quoted one CBI member that hailed Soames as the lobby group’s “saviour” given his efforts to coax dozens of members back to the group.
His successor is also likely to come from the board of a London-listed giant, and will not be in position until next year.
A spokeswoman for the group said: “The CBI Chair’s term typically runs for two years and Rupert Soames will end his term in early 2026. In line with good governance, we have begun the search for a successor to ensure continuity and a smooth transition.
“The process is being led by the CBI Nominations Committee (a sub committee of the CBI Board), Chaired by Victoria Cochrane the Senior Independent Director of the CBI, engaging the support of executive search agency Egon Zehnder.”