Spencer Stuart takes on hunt for new UKFI chief
HEADHUNTER Spencer Stuart has been tasked with finding a new chief executive for UK Financial Investments (UKFI), after rival Odgers Berndtson was dismissed because it hired a former Royal Bank of Scotland banker as a senior adviser.
UKFI hired ex-Tory minister Virginia Bottomley, the chairman of Odgers, to lead the search last month after former chief executive John Kingman quit the firm for the private sector.
But it vetoed the headhunter’s involvement when it emerged Johnny Cameron, a former head of investment banking at RBS who has come under fire for his role in the bank’s woes, had taken up a job there.
Earlier this year, Cameron agreed to take up a position at investment bank Greenhill, but was forced to walk away when the Financial Services Authority intervened to block the appointment. City PM understands Cameron also received a number of further job offers from City banks before deciding to take up a less controversial role in the recruitment sector.
Despite his involvement in the downfall of RBS, now 70 per cent owned by the taxpayer, Cameron is still regarded as a respected and well-liked figure in the City. One City source said the Treasury’s decision to pull out of its contract with Odgers was tantamount to saying Cameron should not be allowed to earn a living.