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NEW CHIEF EXECUTIVE FOR PRIVATE FINANCE PANEL

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Financial secretary Michael Jack today welcomed the appointment of David Steeds as chief executive of the Private F...
Financial secretary Michael Jack today welcomed the appointment of David Steeds as chief executive of the Private Finance Panel Executive (an independent body set up by the treasury to promote the Private Finance Initiative).

Encouraging Mr Steeds to use his service sector experience to seek out new PFI opportunities and drive forward more value for money deals right across the public sector Mr Jack said:

'I am delighted to welcome David Steeds to his new job. Against a high quality field of candidates, he has won the opportunity to be a major driving force behind the Private Finance Initiative. PFI is all about buying services. It is good to have at the helm someone from the service sector with lots of PFI experience. He has a challenging task ahead building on the £5.5bn of deals so far and translating more of PFI`s huge potential into high quality services, business opportunities and value for money reality.'

-- David Steeds takes over from Douglas Hogg who has moved to a job in the City. Since 1990 he has been corporate development director at Serco Group Plc (a business and government services company with 14,000 employees worldwide). At Serco, Mr Steeds has been responsible for project finance, funding and acquisitions and business development. This has included the financial input on larger government contracts (such as Serco`s bid to manage the National Physical Laboratory) and overseeing multi-disciplinary teams appointed to bid for PFI projects.

-- The Private Finance Initiative means that the public sector will concentrate on buying high quality services for the public rather than owning assets. On projects like hospitals, bridges, prisons, computer systems the government wants to see private sector providers design, build, finance and operate high quality services for public use. The services remain public but the projects are financed and managed to make the most of efficient private sector delivery skills.
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