NS&I Seeks New CEO to Overhaul £3B Digital Transformation
The UK government-owned National Savings & Investments (NS&I) is searching for a new chief executive to lead its £3 billion digital transformation program, which has faced criticism and significant cost overruns. The successful candidate will oversee Project Rainbow, a modernization effort that has been described as a 'full-spectrum disaster'.
Key points
- NS&I is seeking a new CEO to lead its £3 billion digital transformation program, which has experienced significant operational failings and cost overruns.
- The program, known as Project Rainbow, has been criticized by Parliament's Public Accounts Committee, which branded it a 'full-spectrum disaster'.
- The successful candidate will be responsible for overseeing the program, which has seen costs balloon from £1.7 billion to £3 billion.
- The new CEO will also inherit a troubled in-tray, including a scandal involving hundreds of millions of pounds in unclaimed funds owed to deceased customers.
- The salary for the new CEO has been set at up to £220,000.
NS&I, the UK government-owned savings institution, is searching for a new chief executive to lead its £3 billion digital transformation program. The program, known as Project Rainbow, has been criticized by Parliament's Public Accounts Committee, which branded it a 'full-spectrum disaster' in February.
The committee's report highlighted significant cost overruns, with the program's costs ballooning from an original estimate of £1.7 billion to approximately £3 billion. The new CEO will be responsible for overseeing the program and addressing the operational failings that have been identified.
The search for a new CEO comes after the departure of former chief executive Dax Harkins, who left earlier this year amid a scandal involving hundreds of millions of pounds in unclaimed funds owed to the estates of deceased customers. The successful candidate will also inherit a salary of up to £220,000.
NS&I's 164-year history and 24 million customers are highlighted in the recruitment notice, but the organization is also wrestling with problems that extend beyond attracting deposits. The new CEO will face a challenging in-tray, but will also have the opportunity to lead the organization's modernization efforts and drive growth.
Sources
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