CVC’s Tim Parker steps down from the Greater London Authority

In a move welcomed by the London Assembly, the ‘Prince of Darkness’ has relinquished his position as head of Transport for London before even taking it up, as he resigns his position as First Deputy Mayor.

Tim Parker, the former chief executive of motoring company AA and industrial partner at private equity firm CVC Capital Partners, has resigned his public sector position of First Deputy Mayor of London.

Tim Parker

Parker, who was brought in by recently installed Mayor of London Boris Johnson to add to his credibility with London’s business community, was due become chairman of the government body Transport for London in September.

Parker, however, has now agreed to step down from all local government positions, “to ensure appropriate democratic accountability to the people of London.”

“Over the last few weeks it has become increasingly apparent that the nature of the decisions that need to be taken are highly political and there is no substitute for me, as the directly elected Mayor, being in charge,” said Boris Johnson in a statement

The London Assembly, an elected body designed to monitor the Mayor’s activities, had criticised Johnson for handing too much decision-making responsibility to a non-elected delegate.

As chief executive of CVC-owned motoring company AA, Parker attracted criticism from the GMB union over job losses at the company. The number of people the AA employed decreased by 4200 during the two buyout firms’ ownership.

Parker had previously worked for CVC as chief executive at Kwik-Fit, which increased in value from £330 million to £800 million between 2002 to 2005.
His tendency to cut costs and headcount earned him the nickname “the Prince of Darkness”, according to UK newspaper Financial Times.

In May this year Parker quit his position of industrial partner at CVC after only two months.