Tuesday, 10 January 2017

Clementi new chairman of the BBC

From Wikipedia

"David Cecil Clementi was born on 25 February 1949. His father, Cresswell Clementi, was an Air Vice-Marshal in the Royal Air Force. His grandfather Cecil Clementi was Governor of Hong Kong from 1925-30 and Governor and Commander-in-Chief of the Straits Settlements from 1930–34. His great-great grandfather was Italian-born English musician Muzio Clementi.
He was educated at Winchester College, where he was captain of athletics and a distinguished footballer. He then went to Lincoln College, Oxford, where he obtained a degree in Philosophy, Politics, and Economics and a blue for athletics. After graduating, he qualified as a chartered accountant.[1] He graduated MBA from Harvard Business School in 1975."

He is obviously a very well connected establishment man eminently suited to run the Brussels Broadcasting Corporation. I have heard KB wags called him Il Duce.

At the BoE I never worked with Clementi. I thought it was a bit strange he was appointed DG at the BoE by Gord. Gavyn Davies of Goldman's seemed to many to be a much stronger candidate. Clementi had beeen at Kleinworts for 22 years where he was credited with privatising BT in 1984. BT was sold at a very cheap price to insure success..

Dresdner bought Kleinwort Benson in July 1995, when a number of old-style merchant banks were being sold to foreign rivals following the "big bang" which liberated the City of London.

Clementi joined the BoE in Sep 1997 when he  replaced Howard Davies as DG for Financial stablity. Mervyn King, a bright grammar school boy, the other DG  was in charge of the economics side of the Bank. King subsequently became Governor.

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