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SBD Global/September 5, 2012/Olympics

Olympic CEO Paul Deighton To Take On Treasury Role

LOCOG CEO Paul Deighton has "taken on an even greater challenge" by accepting a Treasury role to get the economy moving, according to Owen Gibson of the London GUARDIAN. The U.K. government is hoping that "some of the Olympic stardust will rub off on the economy" after appointing Deighton, the former Goldman Sachs banker, to replace James Sassoon in January. Sassoon will become the Commercial Secretary to the Treasury after indicating "a desire to return to the private sector." Deighton will report to Chancellor George Osborne but will take a seat in the House of Lords. He will not "draw a salary," but given that he was valued at £95M ($151M) by the Sunday Times Rich List, that is "unlikely to have been a difficult choice to make" (GUARDIAN, 9/4).
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