The Treasury has kicked off a search for a new head of the Whitehall agency responsible for taxpayers’ interests in businesses including the Post Office, NatWest Group and Channel 4.

Sky News has learnt that Odgers Berndtson, the headhunter, has begun contacting prospective candidates about replacing Robert Swannell, who has chaired UK Government Investments (UKGI) and its predecessor body since 2014.

The appointment of Mr Swannell’s successor will be signed off by Rishi Sunak, the chancellor.

Insiders said the role was likely to go to another experienced FTSE-100 chairman, with a closing date for applications set in mid-April.

A panel which includes Baroness Vadera, the former Treasury minister who now chairs Prudential, is expected to interview shortlisted candidates.

The role pays an annual fee of £40,000.

UKGI also oversees the British Business Bank, the government’s stake in Urenco, the uranium processor, and The Royal Mint.

The agency has played a significant role in Whitehall’s response to the COVID-19 pandemic, with its team of corporate financiers providing advice to ministers about how to support crisis-hit industries such as steel.

UKGI was formed in 2016 from the merger of the Shareholder Executive and UK Financial Investments, which was set up during the 2008 banking crisis to hold the public’s stakes in Britain’s bailed-out banks.

A UKGI spokesman declined to comment on Tuesday evening.

Related posts:

Billionaire Bet365 boss sees annual pay climb to £421m Infosys to hire 1,000 staff in the UK to meet digital growth surge Pfizer says demand for COVID-19 vaccine could be long-lasting like flu jab Odeon confirms plan to reopen ‘vast majority’ of UK cinemas on 17 May Travel industry leaders demand ‘clarity’ over restrictions to help them meet holiday demand Ex-Greensill executives re-emerge with new trade finance venture Peloton recalls treadmills after injuries and child death Pepsi squeezes $3.3bn from Tropicana in private equity deal Dozens of investment giants miss out as watchdog bolsters ethical fund standards Amazon founder Bezos ‘funds’ new age-reversal company opening in UK M&S warns of price pressure and less choice after Brexit import rules take effect US inflation hits highest level in four decades adding to rate hike pressure