Paul Deighton
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Paul Deighton (born 1956) is a British investment banker and the person chosen to preside over the organisation of the 2012 London Olympics. He was named as chief executive of the London Organising Committee of the Games (LOCOG) on December 19, 2005.
[edit] Life and career
Deighton was born and raised in Carshalton, Surrey. He attended Wallington County Grammar School before going on to read economics at Trinity College, Cambridge. He graduated with a BA in 1978.
In 1983, Deighton joined the London offices of Goldman Sachs, the renowned investment bank. He was a key member of their corporate finance team that developed a strong reputation for fighting off hostile takeover bids against British companies. His particular area of specialization was aerospace and aviation. In this capacity, he played an instrumental role in major deals such as the £250-million purchase of British Caledonian by British Airways.
After a decade in London, Deighton was transferred to Goldman's headquarters in New York in 1994. There, as joint head of controllers, he was responsible for managing the bank's accounts. He returned to the UK in 1996, and was promoted to partner. From 1996 to 2000, he was head of European operations, technology and finance.
When Goldman Sachs went public in 1999, Deighton suddenly became very wealthy. His personal wealth is reckoned to be over £100 million, and he was ranked 458th in the 2005 Sunday Times Rich List. Between 2000 and 2005, he was chief operating officer in charge of Goldman's European operations.
[edit] Becoming CEO of the London Olympics
Deighton's love of sports dates from his childhood. He played rugby, football and cricket for his school, and is a keen fitness enthusiast to this day. He has mentioned the 1964 Tokyo Olympics as a key moment for him, when as an 8-year-old schoolboy, he listened, captivated, to the duel between Britain's Bobby McGregor and America's Don Schollander in the men's 100-metre freestyle swimming event, a race that the American won by a whisker.
After winning the bid for the 2012 Olympics, the LOCOG advertised for a CEO who would lead the preparations for the Games. About 300 applications were received from all over the world, and the services of a headhunting firm Odgers, Ray & Berndtson were employed. Deighton, however, applied in response to an advertisement that he had seen in The Economist. "When I read the job description, I thought I could do it and my wife said, 'Darling, that's you'. This is the only job I would have considered leaving Goldman Sachs for."[1]
His selection was announced by Lord Coe, the chairman of LOCOG. As CEO, Deighton will be directly responsible for an operational budget of £1.5 billion, and he will manage a staff of up to 3,000. He will report to an Olympic board that includes the Culture, Media and Sport Secretary, the chairman of the British Olympic Association, and the Mayor of London.
Deighton lives in central London with his wife and two sons. He is a keen supporter of Arsenal Football Club.
