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Government bank chief John Kingman quits | Business | guardian.co.uk

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A job specification has not yet been drawn up but UKFI is likely to want a banking expert rather than someone seconded from the Treasury, as Kingman was.</p><p>Any candidate is also likely to demand more than the £143,000 paid to Kingman, plus bonuses and other incentives more usual in the private sector. There may need to be extra incentives given the uncertainty caused by the general election expected next year.</p><p>Currently based in rooms in the Treasury, UKFI will now look for new offices to demonstrate it is run at arm's length. With an annual budget of £4.5m, it looks after stakes in <a href="http://web.archive.org/web/20090730000553/http://www.guardian.co.uk/business/royalbankofscotlandgroup">Royal Bank of Scotland</a>, <a href="http://web.archive.org/web/20090730000553/http://www.guardian.co.uk/business/lloyds-banking-group">Lloyds Banking Group</a>, <a href="http://web.archive.org/web/20090730000553/http://www.guardian.co.uk/business/bradfordbingley">Bradford &amp; Bingley</a> and eventually Northern Rock, which will be split into a "good" and "bad" bank.</p><p>Cooksey, 59, had only been linked to the chairman's role in recent days. He founded Advent Venture Partners and has chaired government reviews for Gordon Brown.</p><p><a href="http://web.archive.org/web/20090730000553/http://www.guardian.co.uk/business/2009/may/22/john-kingman-ukfi-treasury" title="Kingman">Kingman</a>, who has previously worked at the Financial Times and oil company BP, is thought to have wanted to find a private sector role for the last two years but been waylaid by the financial crisis. "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," he said.</p><p>Cooksey will replace acting UKFI chairman Glen Moreno this Saturday. Cooksey said: "The taxpayer has made a substantial investment in the banks to preserve financial stability and I will be focused on protecting the value of those investments and disposing of them over time."</p><p>Moreno thanked Kingman for the "outstanding job" he had done. Moreno, chairman of publisher Pearson, has been the temporary chairman of UKFI for six months since Sir Philip Hampton was lured away to chair RBS.</p><p>Liberal Democrat Treasury spokesman Vince Cable said: "What is worrying about these changes is that Mr Kingman is leaving at a time when it's clear the government hasn't really got a grip on the banks. His departure at this time will leave a massive hole."</p><p>UKFI's five-year business plan shows the body is budgeting on contractors such as lawyers, public relations agents and printers receiving £1m a year until 2014 and staff costs reaching £3.4m by 2014.</p> </div> </div> <div id="related"> <ul id="article-toolbox-side"> <li class="printable"><a href="http://web.archive.org/web/20090730000553/http://www.guardian.co.uk/business/2009/jul/28/john-kingman-chief-executive-ukfi-quits/print" rel="nofollow" id="printlink" class="printable rollover" title="Link to a printer-friendly version" name="&amp;lid={pageToolbox}{Printer-friendly version}&amp;lpos={pageToolbox}{1}"><img src="http://web.archive.org/web/20090730000553im_/http://static.guim.co.uk/static/77051/common/images/icon_print.gif" alt="Print this" class="trail-icon"/><span>Printable version</span></a></li> <li><a class="rollover sendlink" 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<table id="mortgage-table"> <col class="title"/> <col class="rate"/> <col class="more-info"/> <thead> <tr> <th scope="col">Lender</th> <th scope="col">Initial rate</th> <td></td> </tr> </thead> <tbody> <tr> <th scope="row" class="finance-row">First Direct</th> <td>2.98%</td> <td id="1.moreInfo"> <a href="http://web.archive.org/web/20090730000553/http://guardian.lcplc-online.co.uk/BestBuy.aspx?GUProdID=3667&amp;Type=F" name="&amp;lid={compareAndBuyPromo}{First Direct|link|Business}&amp;lpos={compareAndBuyPromo}{1}"> More </a> </td> </tr> <tr> <th scope="row" class="finance-row">Yorkshire BS</th> <td>3.99%</td> <td id="2.moreInfo"> <a href="http://web.archive.org/web/20090730000553/http://guardian.lcplc-online.co.uk/BestBuy.aspx?GUProdID=3350&amp;Type=F" name="&amp;lid={compareAndBuyPromo}{Yorkshire BS|link|Business}&amp;lpos={compareAndBuyPromo}{2}"> More </a> </td> </tr> <tr> <th scope="row" class="finance-row">First Direct</th> <td>2.98%</td> <td id="3.moreInfo"> <a 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href="http://web.archive.org/web/20090730000553/http://www.moneysupermarket.com/CardsP/DoIQualifyExternal.asp?CardID=1224&amp;ProviderID=352&amp;Source=GU07&amp;BestBuy=1&amp;Url=http://clk.atdmt.com/NAT/go/136621154/direct/01/&amp;CatID=163" name="&amp;lid={compareAndBuyPromo}{NatWest Platinum|link|Business}&amp;lpos={compareAndBuyPromo}{7}"> More </a> </td> </tr> <tr> <th scope="row" class="finance-row">MBNA Platinum</th> <td>0%</td> <td>Until 01/09/2010</td> <td id="3.moreInfo"> <a href="http://web.archive.org/web/20090730000553/http://www.moneysupermarket.com/CardsP/DoIQualifyExternal.asp?CardID=1300&amp;ProviderID=553&amp;Source=GU07&amp;BestBuy=1&amp;Url=http://clk.atdmt.com/OUT/go/151830639/direct/01/&amp;CatID=163" name="&amp;lid={compareAndBuyPromo}{MBNA Platinum|link|Business}&amp;lpos={compareAndBuyPromo}{8}"> More </a> </td> </tr> </tbody> </table> </div> <ul> <li class="link info"> <a 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