UKFI head of investments resigns

11 January 2010 | By Natalie Thomas

Crompton was a key figure in UKFI, taking overall responsibility for dealing with state-backed banks Lloyds Banking Group and Royal Bank of Scotland in the first year UKFI was set up.

He played an important role in setting up the government body, established in 2008 to represent taxpayers’ interest in the running of the banks.

He was also extensively involved in all major negotiations and capital transactions with both banks throughout last year.

Robin Budenberg, chief executive of UKFI, will take responsibility for market investments for the time being.

Tim Sykes has been appointed to the role of head of market investments strategy, and will be responsible for monitoring the financial performance and strategy of the state-backed banks.

Robin Budenberg, chief executive of UKFI, says: “We are obviously sad that John has decided to leave but fully understand his decision to develop his career elsewhere as UKFI moves into a new phase of its development.

“In my short time here, I have been deeply impressed by the respect in which John is held by our stakeholders.

“The board is grateful for his enormous contribution in successfully resolving so many challenges during 2009.”

Budenburg was appointed to the chief executive role last October, following the departure of John Kingman in July.

John Crompton, former head of market investments at UKFI, says:“UKFI has offered me a unique opportunity to combine my capital markets and previous Treasury experience to contribute to the government’s response to the financial crisis.

“It has been a very intense and enjoyable year, and although I have decided it is now the right time for me to move on, I wish Robin and the rest of the team great success as they take UKFI forward.”

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