UK Government Investments (UKGI) Board Change

It was announced today that Mark Russell CBE, CEO of UKGI, has been appointed as Chairman of Defence and Equipment Support (DE&S), an arm’s length body of the Ministry of Defence responsible for buying and supporting all the equipment and services used by UK armed forces. It is expected that Mark will take up this role later in the year after a successor has been identified at UKGI.

Robert Swannell CBE, Chairman of UKGI, said:

“Mark has been a truly outstanding CEO of UKGI and the Shareholder Executive before that, trusted and respected across the public service and the many entities where UKGI acts as HMG’s shareholder. Mark’s new appointment reflects his standing. After the merger of UKFI and the Shareholder Executive, he has firmly established the new UKGI with a distinctive culture focussed on outcomes. When he steps down later this year it will be with our gratitude and with very best wishes in his new role.”

Planning for Mark’s eventual succession has been a key issue anticipated by the Board and an orderly process to appoint his successor has now commenced. Internal and external candidates will be considered in a rigorous process.

Notes to Editors

UKGI is the government’s centre of excellence in corporate finance and corporate governance. In addition to delivering over £40bn in asset sales since inception in 2016, it is responsible for a portfolio of over 20 arm’s length bodies, and for delivering a range of corporate finance advice to government. UKGI is owned by HM Treasury and independently managed with a Board comprised predominantly of independent non-executive directors. UKGI works closely with both the private and public sectors, advising and interacting with ministers, Parliament and Whitehall departments.

Appointments to the Board of UKGI are public appointments subject to ministerial approval and made in accordance with the Governance Code on Public Appointments.

For further information:

UKGI: Kim Regisford – 0207 215 0611

Citigate Dewe Rogerson: Toby Moore, Andrew Hey, Jos Bieneman – 0207 638 9571