John Fingleton to step down as OFT chief

The Chief Executive of the U.K. Office of Fair Trading, John Fingleton, has announced he wil step down later in 2012. The announcement marks the end of a seven-year tenure. In his letter of resignation to the Secretary of State, Fingleton writes:

I have decided to leave later this year for several reasons. First, and foremost, I believe that seven years is a good period to balance the need to achieve sustained change and to allow new leadership to emerge. Second, I have been concerned to provide stable leadership for the OFT during a time of considerable uncertainty about its future, and I believe that the reform proposals have now reached a suitable juncture to enable arrangements for succession to be taken forward. For the remainder of my period at the OFT, I will continue to work with commitment and enthusiasm to deliver our objectives ever more effectively and efficiently, and to work with you and your officials on the reforms to the consumer, credit and competition regimes.

Source: OFT Press Release

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