Sir Bob Reid Appointed Chairman Of The IPE

At a meeting of the IPE Board on Thursday 12 August, Sir Bob Reid was appointed Chairman of the IPE following the resignation of the previous incumbent, Lord Fraser of Carmyllie, last month. Sir Bob Reid will take up office with immediate effect. Sir Bob Reid has enjoyed a long and distinguished career in the energy and financial industries. He was knighted in the 1990 Birthday Honours. In 1956, Sir Bob Reid joined Shell International Petroleum Company and spent much of his career there overseas in Brunei, Nigeria, Thailand and Australia. In 1984, Sir Bob Reid became a Director of Shell International Petroleum Company and was Chairman and Chief Executive of Shell UK Limited from 1985 to 1990. Sir Bob Reid was also the Chairman of British Rail from 1990 until 1995. Sir Bob Reid's current directorships include Deputy Governor of the Bank of Scotland (since 1997) and Chairman of British-Borneo Oil & Gas plc (since 1995). Sir Bob Reid said, "the IPE is a strong and prosperous Exchange and an important part of the UK financial services industry. There are many issues to resolve and I look forward to working with the Board to find a suitable Chief Executive, to establish the strategic direction of the Exchange and to ensure its continuing success". Lord Fraser of Carmyllie, who announced his intention to resign as Chairman following the EGM on 30 July said, "after the events of the past weeks, the Exchange needs a period of reflection during which to consider its future strategy. I am delighted that Sir Bob Reid has agreed to accept the Chairmanship of the company and feel certain that he will provide admirable leadership. The Exchange is in a good position from which to build: it is profitable, well run and enjoying record levels of business". Colin Bryce, Deputy Chairman, said, "the sub-committee of the Board, set up to manage the initial phase of transition, considered an impressive short list of potential Chairmen. It would, however, have been difficult to resist the depth of experience and stature of Sir Bob Reid. He is a most welcome addition to the Board and we very much look forward to working with him as we embark on two further phases of our transition: the appointment of a new Chief Executive to replace Lynton Jones and a review of the strategic options for the Exchange. Both these tasks will commence immediately, under the control of Sir Bob and with appropriate external assistance". He added, "the whole Board would like to acknowledge gratefully the contribution to the success of the Exchange made by Lord Fraser and Lynton Jones during their terms of office". The Financial Services Authority (FSA) also welcomed the swift action of the Board and the steps taken to ensure the stability of the market place. Phillip Thorpe (FSA Managing Director) said, "I am very pleased that the efforts of the IPE over the past two weeks have resulted in the swift appointment of a new Chairman. We are very grateful to Lord Fraser for his part in the process and for ensuring an orderly transition. Sir Bob Reid brings a wealth of experience that will stand the Exchange in good stead as it addresses the challenges ahead. We look forward to working with Sir Bob Reid and his Board".