McDermott will not replace Wheatley as CEO, FCA confirms

The FCA has confirmed that Tracey McDermott, interim Chief Executive, will not replace Martin Wheatley on a permanent basis after deciding to withdraw from the process in early December.

Related topics:  Finance News
Rozi Jones
7th January 2016
FCA

The Treasury-led recruitment process is ongoing and Tracey will continue as Acting Chief Executive until a permanent replacement is in post.

Tracey commented:

“I have been at the FSA/FCA for 15 years and I remain extremely committed to, and passionate about, the important work we do. It has been, and remains, a privilege to lead this organisation. However, going through the recruitment process has made me reflect on what I want to do with the rest of my career. As a result I have decided that this is not the right job for me at this stage of my career. This was a decision taken after many months of careful thought and was not one that I took lightly.”

FCA Chairman John Griffith-Jones commented:

“Tracey’s stewardship of the FCA as Acting Chief Executive has served to build on an impressive reputation created during her time leading various divisions across the FCA. Over the last few months I have enjoyed working closely with Tracey and have appreciated both her advice and leadership of the organisation. I understand and respect the decision Tracey has made. The Board I and will continue to work together with her until the new Chief Executive is in post."

Speaking this morning on BBC Radio 4, Osborne said:

"There's a very effective interim leader in Tracey McDermott who has been doing a good job. She doesn’t want the job full time.

“Martin Wheatley did a good job setting up the organisation but I think it needs new leadership... to take it into its more mature phase where it has been established and we’re looking now for the very best candidate."

Bank of England chief economist, Andy Haldane, has previously been rumoured to replace Martin Wheatley as head of the FCA.

Wheatley stepped down as Chief Executive on September 12 after George Osborne said that "different leadership is required".

He will continue to act as an adviser to the FCA Board until January 31 2016 with a particular emphasis on the implementation of the Fair and Effective Markets Review, which he co-chaired.

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