January 6, 2020 / 12:51 PM / 19 days ago

MOVES-UK billionaire Michael Spencer replaces Lord Saatchi as CPS chairman

Jan 6 (Reuters) - Michael Spencer, the founder of fintech company NEX Group, has replaced former Conservative Party Chair Lord Saatchi as chairman of the Centre for Policy Studies, the UK-based think tank said on Monday.

Spencer, who was previously treasurer of Britain’s Conservative Party, headed UK-based NEX before it was acquired by U.S.-listed exchange operator CME Group in 2018. He now sits on the board of CME.

“I believe the CPS has a powerful role to play in the months and years ahead as the new Conservative administration seeks to seize the opportunities that Britain has as it leaves the European Union,” Spencer said.

CPS was co-founded by former British Prime Minister Margaret Thatcher.

Saatchi, who is retiring after spending a decade in the position, had recently exited from the board of advertising agency M&C Saatchi after the London-listed company issued its second profit warning in less than three months due to an accounting scandal.

Reporting by Muvija M in Bengaluru; Editing by Vinay Dwivedi

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