Kingman to step down from UKFI

John Kingman says there can't be any restrictions on the nationality of ownership on any of the investments

The company responsible for the taxpayer's stakes in ailing banks saw a leadership shake-up as chief executive John Kingman announced plans to step down.

Mr Kingman, who has led UK Financial Investments (UKFI) since it was formed last November, will step down from the £143,000 post in "due course" for a career in the private sector.

UKFI - which owns 70% of Royal Bank of Scotland and 43% of Lloyds - has also appointed venture capital pioneer Sir David Cooksey as its new chairman, replacing acting chair Glen Moreno.

Mr Kingman held several senior roles in the Treasury - rising to Second Permanent Secretary - before leading negotiations on the bank bail-out last autumn and setting up UKFI.

He said: "I have tremendously enjoyed leading UKFI over the last year and think the organisation is now very well placed to deliver its mission of protecting and creating value for the taxpayer."

Mr Kingman also worked on the Lex column of the Financial Times and for oil giant BP under former chief executive Lord Browne.

Sir David formed one of the UK's first venture capital partners, Advent, in 1981 and remained chairman of the business until 2006.

The company has backed more than 200 businesses, concentrating on the life sciences and technology sectors.

Sir David, who was knighted in 1993, has also served in public roles, including as a Bank of England director.

He will be paid £100,000 a year for the UKFI role, with no bonus or pension entitlement.