UK accounting watchdog Jon Thompson resigns to lead rail project

• Jon Thompson will take the helm of the nation’s HS2 high-speed rail initiative.
• He has spent nearly two decades in government roles.
• Thompson expressed his “pleasure” at being named chair.

Jon Thompson, the chief executive of Britain’s accounting watchdog, will leave the group later this year to take the helm of the nation’s HS2 high-speed rail initiative.

Thompson was regarded as an experienced hand at the Financial Reporting Council (FRC), which is about to undergo a transition into a new, more potent regulator. Thompson has spent nearly two decades in government roles with financial monitoring.

After accounting crises at the retailer BHS and the construction company Carillion, British MPs criticized the FRC as being impotent. This led to government-backed reviews that suggested the Audit, Reporting, and Governance Authority (ARGA), which Thompson was slated to lead.

However, the government has not yet introduced legislation to establish it.

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“While I am disappointed Jon is leaving us, I have enjoyed working with him and look forward to his continued leadership of the organization over the next six months,” FRC Chair Jan du Plessis said in a statement.

Du Plessis noted that the FRC has evolved under Thompson’s direction into a “modern, fit for purpose regulator… ready for its new powers and responsibilities when ARGA is established.”

The FRC’s executive director for supervision, Sarah Rapson, was appointed pro tempore as deputy CEO.

Thompson will oversee HS2, a contentious project that has had to scale back a planned link due to mounting costs and is billed by the government as the largest infrastructure project in Europe.

The project’s complete completion is expected to occur between 2035 and 2040. It will connect London to Manchester in northern England.

Thompson, who has been HS2’s deputy chair for almost a year, expressed his “pleasure” at being named chair.

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