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(Sharecast News) - The Confederation of British Industry is searching for a successor to Rupert Soames, it confirmed on Thursday, nearly two years after the City grandee joined the then crisis-hit organisation.
The CBI was rocked by revelations of a toxic workplace two years ago, including sexual harassment and bullying, as well as two allegations of rape.
Director general Tony Danker was sacked, and more than 65 firms cancelled or suspended their memberships.
In response, the CBI temporarily mothballed events and brought in a law firm to review the allegations and its internal culture.
Former chief economist Rain Newton-Smith became chief executive, with Soames - the grandson of Winston Churchill - brought on board as chair in February 2024.
Since then, Soames and Newton-Smith looked to steady the organisation, restore credibility, lure back members and regain influence in Whitehall.
Soames' term ends in early 2026, however, and the CBI confirmed that the search for his successor was now underway.
A spokesperson told Sky News: "The CBI chair's term typically runs for two years, and Rupert Soames will end his term in early 2026.
"In line with good governance, we have begun the search for a successor to ensure continuity and a smooth transition."
According to Sky, recruiter Egon Zehnder International has been appointed to help with the search.
One unnamed member of the CBI told Sky that Soames had been the group's "saviour", adding: "Without his ability to bring members back, the organisation wouldn't exist today."
It is thought that the next chair will likely also be drawn from a major listed company's boardroom.
Soames, 66, was chief executive of outsourcer Serco Group from 2014 to 2023, and head of power supplier Aggreko for 11 years prior to that.