HISTORIC PRESS RELEASE : Appointment of New Chief Executive, Alan Cook, for National Savings and Investments [June 2002]

The press release issued by HM Treasury on 17 June 2002.

The Chancellor has appointed Alan Cook as the new Chief Executive of National Savings and Investments (NS&I).

In announcing this appointment Ruth Kelly, Financial Secretary to the Treasury said:

“I look forward to working with Alan Cook. He brings a wealth of relevant financial services experience to the post. I am confident that he is the right man to lead the Agency into the future and to build on the successes of his predecessor, Peter Bareau.

“Mr Bareau achieved a lot in his six years as Chief Executive. He has overseen a critical period for the NS&I, leading it through a period of considerable, but vital, change. This has made NS&I better placed to compete in the market place and to assist in the cost-effective financing of the government debt. I am very grateful to Mr Bareau for his significant contribution.”

Notes for Editors

1. Alan Cook has been appointed Chief Executive, and Director of Savings, of the National Savings and Investments Agency. This appointment is subject to the usual pre-appointment checks and to signature of contract. He is being appointed on an initial five-year contract. He will take up his position on 30 September.

2. Mr Cook is currently Chief Operating Officer (UK and Europe) of Prudential. He has had a long career in the financial services market. Previous posts have included Chief Executive of Insurance Services, and Managing Director of Retail Insurance Operations at Prudential. He is a fellow of the Chartered Insurance Institute.

3. Mr Cook is 48 and is married with three children. Mr Cook succeeds Mr Peter Bareau CBE, who has served two full terms.

4. National Savings and Investments is a government department and an Agency of the Chancellor. Its principal objective is to assist in the financing of the government’s debt, by borrowing in the retail market at an overall cost that is cheaper than the wholesale market.

5. Through its partnerships with Siemens Business Services (SBS) and Post Office Limited (POL), National Savings and Investments markets and sells a range of savings products to the public. There is currently about £62bn invested in National Savings and Investments products, which accounts for about 20% of net government debt.

6. National Savings and Investments employs about 120 staff, who are mostly located at its head office in London.