For sports fans Paul Deighton has perhaps gone from one of the most boring jobs in the world to one of the most interesting.
He has swapped life in the financial markets with Goldman Sachs to lead the team running London’s 2012 Olympics.
Deighton, 49, would not say if moving from being the chief operating officer of Goldman Sachs’ European businesses to the chief executive’s post at the London Organising Committee for the Olympic Games (Locog) involved a pay cut.
But the married father of two teenage sons did say his mother was worried about his financial future when first told of his dramatic career change.
He said: “I told my mother about this job and she was quite worried about what I would do after 2012 because a seven-year contract is quite a short tenure when you have been working at a bank.”
There seems to have been no need for concern.
Deighton grew up in Carshalton, Surrey, where he went to a local grammar school before studying economics at Trinity College, Cambridge.
Before joining Goldman Sachs in 1983 Deighton worked for the Bank of America and the Security Pacific National Bank.
Much of his 22 years at Goldman Sachs has been focused on establishing the firm’s presence and building leading business positions across Europe.
He was equal 458th in this year’s Sunday Times Rich List after picking up shares worth around £87.5m.
He spent ten years at the Goldman Sachs’ London-based Investment Banking Division before relocating to New York for two years to become co-head of Controllers.
Deighton returned to London as head of European Operations, Technology and Finance Division and became the 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.
He is a board member of Senior Employment Opportunities, mentoring people from diverse backgrounds about work in the City.
He is chairman of Goldman Sachs’ charity Group, a member of the Financial
Report Council and of the London Mayor’s new Science and Industry Council.
He has contacts with the Financial Services Authority and several government departments which should prove useful in one of his first tasks – fundraising and dealing with Locog’s £1.5bn budget.
Deighton, who has never been to an Olympics, is an avid sports fan and supports Arsenal.
The chief executive’s job is the most important in staging the Games with responsibility for Locog’s day-to-day operations and issues such as sponsorship, marketing, ticketing and the Torch Relay.
Deighton beat more than 300 rivals in an international three-month job search for the post he describes as “a dream come true”.
His task now is to deploy his business skills to “turn what has been a winning bid team into a winning delivery team”, he says.
Culture Secretary Tessa Jowell, London Mayor Ken Livingstone, British Olympic Association Chairman Lord Moynihan and London 2012’s Deputy Chairman Keith Mills all had a say in the appointment but the final choice was down to Locog’s chairman Lord Coe.
Both he and Deighton will have to work closely with the Olympic Delivery Authority which is in charge of building the stadia and infrastructure.
Lord Coe said: “He has a formidable track record and the ability to deliver on time, to specification and on budget.”
Lord Moynihan said that Deighton’s “forensic financial skills will be invaluable to Locog.”
References: EGi News 19/12/05
