London 2012 announces new Chief Executive Officer

Paul Deighton, Chief Operating Officer of Goldman Sachs' European businesses, was announced today as new Chief Executive Officer for the London Olympic Games Organising Committee (LOCOG).

Deighton's selection follows an extensive 3 month international search for one of the most sought after positions in world sport.

Speaking publicly for the first time following his appointment, Deighton said:

"As a Londoner passionate about sport, I am extremely excited about this opportunity. The Games has an enormous potential to inspire young people. The memories of the Games I listened to and watched in my childhood are some of the most inspirational memories I have.

"To help stage the Olympic Games and Paralympic Games, the world's most important sporting and cultural events, in my home city is a dream come true," said 49-year-old Deighton, who is married with two children.

"The London 2012 Games represents an unprecedented and unrepeatable opportunity to combine so many of my professional experiences with my love for sport. Few projects or events have the scope or the impact on a city or its communities and citizens like the Olympic Games. I am delighted to be part of it."

Much of Deighton's 22 years at Goldman Sachs has been focussed on establishing the firm's presence and building leading business positions across Europe. He has operated in extremely complex, international environments and has been instrumental in forging excellent relationships with regulatory authorities in Europe.

Introducing Deighton to the media in the British capital this morning, London 2012 Chairman, Sebastian Coe said many highly qualified applicants were considered during the rigorous selection process.

"We selected Paul because of his experience in leading large international organisations and projects and his track record of managing and growing large teams of people in complex and diverse environments. He is the right person to lead the London Olympic Games Organising Committee on its mission to produce an outstanding Olympic Games for the athletes and youth of the world in 2012," he said.

London 2012 Deputy Chairman and former CEO, Keith Mills, said the operational and financial challenges involved in organising the biggest international event in the world were significant and Deighton's general management and financial experience and expertise would be a huge asset to the delivery of the London 2012 Games.

"Paul's experience at the most senior levels of Goldman Sachs, one of the most successful firms in one of the world's most demanding industries, will be vital to helping the London Organising Committee reach all its key revenue raising targets and deadlines," Mills said.

Deighton will be responsible for the day-to-day operations of the London 2012 Olympic Games Organising Committee and oversee planning and implementation of a wide range of diverse and high profile Olympic and Paralympic programmes, from sponsorship and marketing to ticketing and the Torch Relay.

Described as an inspirational leader, team player and a true sports enthusiast with the ability to get to the essence of complex situations and challenges, Deighton will also have a crucial role in maintaining momentum for the London 2012 Games following the bid win in July and engendering a further sense of shared purpose and commitment within the team and amongst stakeholders.

Tessa Jowell, Olympics Minister, welcomed the appointment. "Paul will bring a wealth of experience and knowledge to the task of planning and then staging the Olympic Games and Paralympic Games in 2012.

His business background and acumen will mean that LOCOG and the Games will be superbly well-run, as well as helping deliver the sponsorship and financial support so essential to the success of the Games. We now have the 2012 team in place. We can all look forward to the New Year with great confidence."

Deighton's strong management and financial experience will complement the dynamic sales and marketing skills of Keith Mills and Seb Coe's strategic vision and knowledge of international sport and politics. His appointment will help to maintain the momentum behind planning for the London Games which has already seen the recent appointments of David Higgins and Jack Lemley to lead the Olympic Delivery Authority, which will be responsible for venues and infrastructure for the Games.

Mayor of London, Ken Livingstone, said: "It was clear we needed somebody with top flight management experience and a record of delivery and that's precisely what we've got.

"With Sebastian Coe, Keith Mills and now Paul Deighton at the helm we have a truly formidable team at the London Olympic Games Organising Committee who will ensure we achieve our aim to stage the greatest Games ever.

"Paul Deighton's proactive approach and recognition that he has put in the effort to achieve results have been amply demonstrated in his work at Goldman Sachs, and these are just the qualities we need in the chief executive charged with staging the London Games."

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For further information please contact the London 2012 Press Office on +44 (0) 20 7093 5100 or visit the website at www.london2012.com

Note to Editors:
Paul Deighton joined Goldman Sachs in 1983 and spent the next ten years in the Investment Banking Division in London where he developed many of the firm's early client relationships.

He later relocated to New York becoming Co-head of Controllers for two years before returning to London as Head of European Operations, Technology and Finance Division before moving in to his current role as Chief Operating Officer of Goldman Sachs' European businesses in 2000.

He was made a Partner and Managing Director in 1996 and served on the European Management Committee, as well as the Firmwide Partnership, Risk, Capital and Business Practices Committees

Much of Paul's 22 years at Goldman Sachs has been focused on establishing presence and building leadership positions for the firm across Europe as well as building relationships with regulatory authorities across Europe.

Throughout his career, Paul has been an outstanding leader and has made significant contributions to recruiting, training and diversity efforts. He has also been inspirational guide and mentor to many of the firm's people.

Paul is a Board Member of Senior Employment Opportunities (SEO) mentoring individuals from a diverse range of backgrounds about work in the City. He is Chairman of Goldman Sachs' charity Group, member of the Financial Report Council (FRC) and financial industries representative on CATALYST, the Mayor's new Science and Industry Council for London.

Paul lives in central London with his wife and 2 teenage sons. He is passionate about sport, more as a spectator than a player, but keeps fit by working out every day.