Within three months, the government hopes to replace Lord Smith of Kelvin at the helm of its economic development bank.
Amid an intensifying political debate over its future, the government has begun its search for a new chief of its economic development bank.
In the next three months, ministers intend to appoint a successor to Lord Smith of Kelvin as chairman of the British Business Bank (BBB).
The search, which is being headed by executive recruiter Russell Reynolds Associates, will take place during the institution’s most important period in its nine-year history.
The BBB was the target of political criticism for its performance during the pandemic, prompting the Labour Party to declare that if it wins the next general election, it will look to restructure the lender’s role.
Lord Agnew, a Treasury minister, resigned at the dispatch box after expressing concern that banks were not doing enough to address COVID loan fraud.
He questioned whether the BBB was holding institutions accountable adequately to safeguard public funds.
When his term as BBB chairman expires in June, Lord Smith will step down.
Last year, the government appointed Louis Taylor, the CEO of UK Export Finance, as the new CEO of the BBB.
He replaced Keith Morgan, who resigned in 2020 after interim leader Catherine Lewis La Torre withdrew from the search process due to controversy surrounding the government’s COVID loan programs.
A BBB spokesperson verified that a search for Lord Smith’s replacement was underway.
