22 May 2008
Parker, currently an industrial partner at UK private equity firm
CVC Capital Partners on an undisclosed salary likely to be at least
six figures according to research from US recruit Globcap Search, will
earn £1 (€1.26) per annum in his new role as First Deputy Mayor.
He leaves CVC Capital Partners after just two months.
As chief of staff and Parker has been tasked with the day to day running
of City Hall. His tenure will begin on 7 July
The Mayor of London’s website describes Parker as “one of the UK’s most
successful businessmen with an impressive track record in a wide range
of major companies”.
His role will be “to deliver the Mayor’s goals and manifesto commitments
and to provide direction to the
Greater London Authority group". In his new role, he will also
become chairman of
Transport for London.
Parker has a long-standing relationship with private equity. He was
installed as chief executive at the
AA by private equity firms
Permira and CVC after they acquired the business. He cut more than
3,000 jobs at the AA, incurring the wrath of trade unions as a result,
before the company’s merger with insurance group
Saga in a £6.2bn deal last year.
In 1989, as chief executive of
Kenwood, he secured the backing of London-listed group
Candover for a £54m management buyout of the kitchen appliance
retailer. Parker was also deputy chairman of
Kwik-Fit, a UK-based automotive repair centre which CVC owned before
selling it to French buyout group
PAI Partners in 2005.
Parker also served as a non-executive director at UK government-backed
emerging markets investor
CDC in 2001 and was previously a non-executive director of UK
retailer
Alliance Boots, which US buyout group
Kohlberg Kravis Roberts acquired for £11.2bn last year.
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