- The Debt Management Office (DMO) is an executive agency of HM Treasury. It is responsible for debt and cash management for the UK Government.
- Sir Robert Stheeman, CEO of the DMO, is retiring after over 20 years of public service.
- The recruitment process for his replacement will start shortly, and his successor will be in post in early 2024.
The Chancellor of the Exchequer has congratulated Sir Robert Stheeman for over 20 years of expectational public service as he announces he is retiring as CEO of the UK's Debt Management Office.
Sir Robert will retire at the end of June 2024, after a period of handover with his successor. The recruitment process for his replacement will start shortly, with an appointment made in early 2024.
The Chancellor of the Exchequer Jeremy Hunt said:
"I would like to thank Sir Robert for over 20 years of public service. During his time at the DMO, he has overseen the continued smooth delivery of the government's borrowing programme. His contribution has been enormous, and he leaves the DMO in a strong position."
Sir Robert Stheeman said:
"It has been the greatest privilege of my working life to have spent more than 20 years at the DMO, during a period of immense change in the UK and fixed income markets globally. In order to help ensure a smooth handover, I am announcing my decision now to retire next summer, and I look forward to supporting my colleagues in the DMO and the Treasury in the intervening period."
Permanent Secretary to the Treasury James Bowler said:
"I would like to congratulate Sir Robert for his excellent work as CEO of the DMO. The leadership he displayed at the DMO during turbulent periods such as the Global Financial Crisis and the COVID-19 pandemic is testament to his diligence, calmness in the face of extremely challenging circumstances, and deep expertise. He leaves a strong position for his successor to take over, and I thank him for his exceptional public service over the last two decades."
Sir Robert Stheeman's career:
Sir Robert Stheeman has held his position as CEO of the DMO since 2003. Prior to joining the DMO, he spent 16 years at Deutsche Bank as director of its Debt Capital Markets Group, leading on forging relationships with sovereign issuers and official institutions.
During Sir Robert's 20 years of stewardship, the DMO has smoothly raised over £3 trillion of borrowing, a period during which it became recognised as world-leading in the execution of its debt and cash management operations.
He was knighted in the 2016 New Year Honours for his services to UK Government debt management.
