Candover appoints diplomatic grandee as non-exec

The listed trust of the UK buyout firm has recruited diplomat Lord Jay of Ewelme as a non-executive director a week after the firm bought the politically sensitive Dutch business Stork.

UK-listed investment trust Candover Investments has appointed Lord Jay of Ewelme as a non executive director.

Lord Jay of Ewelme:
Candover non-exec

Michael Jay was former Permanent Under-Secretary at the Foreign Office and Head of the Diplomatic Service from 2002 to 2006. He was previously the UK’s Ambassador to France from 1996 to 2001.

He was also former UK Prime Minister Tony Blair's personal representative to the G8 Summits in 2005 and 2006. He is also a non-executive director at UK food company Associated British Foods, French bank Credit Agricole and French automotive parts company Valeo.

Candover bought Dutch conglomerate Stork last week for €1.5 billion ($2.2 billion) alongside Icelandic banks Eyrir Invest and Landisbanki. Candover’s bid had initially been jeopardised by the Icelandic banks, which had built up a blocking stake in the company with Icelandic food processing group Marel.

The bid excited protectionist comments from the Dutch media and politicians. Stork’s interests are also partly tied to those of Franco-German government-owned EADS as the conglomerate provides various technologies for Airbus including the nose cone of the A380, the largest commercial airliner ever built.

Gerry Grimstone, chairman of Candover Investments, said in a statement Jay’s distinguished civil service career and his subsequent commercial experience gave him insight and expertise into international affairs.

Lord Jay is a replacement for Nico Lethbridge who died this year, Candover’s spokeswoman said.