The U.K. government is launching a search process for a new CEO of its National Wealth Fund, Leeds, England, following incumbent John Flint’s decision to step down in the summer.
Flint will leave after four years of public service, and oversaw the recent transition of the U.K. Infrastructure Bank — of which he was CEO from 2021 — into the £27.8 billion ($34.5 billion) NWF. The aim is to “mobilize” more than £70 billion of business investment and help to “kick-start economic growth” for the U.K.
The wealth fund was launched in October and has since unlocked £1.6 billion of investment to support the government’s growth and clean-energy ambitions, a news release said. The fund has already invested in 11 deals.
“He will leave behind a considerable legacy — having led the scale-up of UKIB and its transformation into the NWF,” said Rachel Reeves, chancellor of the exchequer, in the news release. “I would like to thank him and wish him well.”
Flint added in the release that he will be looking for a new challenge. He will remain as CEO until the summer to support an orderly transition to his successor. The government will launch the recruitment process shortly, the release added.
Flint was group CEO of financial services firm HSBC until 2019.
