The chancellor has appointed Department of Health and Social Care second permanent secretary Tom Riordan as a non-executive director at the National Wealth Fund.
Riordan has been appointed to the role – which he will take on in addition to his role at DHSC – alongside “seasoned” investment management professional Catherine Cripps and private equity firm boss Joseph Schull.
Congratulating the trio on their appointments, Rachel Reeves said they would bring “exceptional track records to the NWF’s board, spread across investment, risk management and local and regional government.
“Each of them will further strengthen an already capable and experienced board as it supports our mission to boost economic growth and living standards through our Plan for Change”.
Riordan, who became DHSC second perm sec a year ago, said he was “delighted to be joining the team at the National Wealth Fund at such an exciting time” and “looking forward to helping them deploy capital and create jobs that benefit the whole country”.
Riordan led Leeds City Council from 2010 until he joined DHSC last year. He was also seconded to NHS Test and Trace for two months in the early Covid pandemic.
The National Wealth Fund was launched by Reeves last year, bringing together theUK Infrastructure Bank and the British Business Bank. It is operationally independent but wholly owned by HM Treasury and has £27.8bn to help encourage private investment and drive growth across the UK.
Its board is chaired by Chris Grigg. Its first chief executive, Oliver Holbourn, starts on 1 November.
A panel comprising Grigg, Elena Ciallie (non-executive director and director at UKGI), David Lunn (former director at HM Treasury), and Stephen Peacock (independent) oversaw the longlisting and shortlisting of candidates. The interviews were subsequently conducted by Grigg, Ciallie and Lunn, who made recommendations to the chancellor that informed her final decision.
Riordan, Cripps and Schull confirmed that they have not engaged in any political activity in the last five years.