David Clementi

Sir David Cecil Clementi (born 25 February 1949) is a British business executive and a former Deputy Governor of the Bank of England. He is currently Chairman of the BBC.

Sir

David Clementi
Chairman of the BBC
Assumed office
3 April 2017
Preceded byRona Fairhead
(Chair of the BBC Trust)
Succeeded byRichard Sharp (designate)
Deputy Governor of the Bank of England
In office
1997–2002
Preceded bySir Howard Davies
Succeeded byAndrew Large
Personal details
Born
David Cecil Clementi

25 February 1949 (1949-02-25) (age 71)
NationalityBritish
ParentsCresswell Clementi
RelativesCecil Clementi (paternal grandfather)
Cecil Clementi Smith (paternal great great uncle)
Muzio Clementi (paternal great-great grandfather)
EducationWinchester College
Lincoln College, Oxford
Harvard Business School
OccupationBusinessman

Clementi holds a number of board positions including chairman of international payments business WorldFirst and vice-chairman at investment managers, Ruffer LLP. He has held numerous other positions including chairman of Prudential plc, one of Britain's largest insurance companies, a non-executive director on the board of governors of the Rio Tinto Group and until June 2015 was chairman of Virgin Money, seeing the business through its IPO. In March 2008, he was announced as Warden of Winchester College and, in 2010, was Master of the Mercers' Company.

Early life

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 to 1930 and Governor and Commander-in-Chief of the Straits Settlements from 1930 to 1934. His great-great-grandfather was Italian-Swiss 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.

Career

After graduating from Harvard Business School, Clementi commenced a career in the finance industry, which culminated in his appointment as Deputy Governor of the Bank of England. He spent 22 years at investment bank Kleinwort Benson, becoming Chief Executive. His nickname at Kleinwort Benson was "The Duke".[2]

In June 2002, he told the Treasury select committee that a house price crash was a virtual certainty. He said, "I said in April that the level of house price inflation, then running in the mid-teens was unsustainable. Since then we've seen something of an acceleration ... and the longer it goes on, the sharper is likely to be the eventual adjustment."[3]

In July 2003, he was given the task, by the Secretary of State for Constitutional Affairs, Lord Falconer of Thoroton, of undertaking a wide-ranging independent review of the regulation of legal services in England and Wales, now known generally as the Clementi report[4]

In 2004, Clementi was appointed Knight Bachelor.[5]

He was Chairman of Virgin Money from October 2011[6] until May 2015.[7] He is currently the Chairman of International Payments business WorldFirst.[8]

In January 2017 he was confirmed as the chairman of the newly established BBC Board.[9]

References
  1. Winchester College Register 1992
  2. "David Clement". BBC. Retrieved 21 September 2020.
  3. Helen Dunne (14 June 2002). "House prices heading for sudden fall, warns Bank". The Daily Telegraph. London.
  4. Sir David Clementi (March 2004). "The Clementi Report" (PDF). The National Archives. Archived from the original (PDF) on 7 March 2007.
  5. "Sir David Clementi". bbc.com. Retrieved 27 September 2019.
  6. "Virgin Money appoints Sir David Clementi as Chairman" (Press release). Virgin Money. 7 October 2011. Retrieved 31 December 2011.
  7. Tom Keighley (21 May 2015). "Glen Moreno takes up chairman seat at Virgin Money". The Journal. Retrieved 28 September 2017.
  8. "WorldFirst Management Team". WorldFirst UK Ltd. 2006.
  9. "Ex bank deputy named next BBC chairman". BBC News. 10 January 2017.
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