Wadhwani to replace Budd on MPC

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Wadhwani, 39, will start a three-year term in June, when Sir Alan Budd, a founder member of the committee, stands down after being elected to head Queen's College, Oxford. Wadhwani is the director of research at Tudor Proprietary Trading's hedge fund. He was previously a director of equity strategy at Goldman Sachs. Following the death last month of Michael Drabbe, Joost Kuiper has been appointed chairman of ABN Amro's executive board, and takes joint responsibility for the group's international division with Jan Maarten de Jong. Kuiper was previously a senior executive vice-president of the bank's treasury and fixed income operations. De Jong now becomes the international division's chairman, while chief financial officer Tom de Swaan takes over De Jong's chairmanship of the risk management division. Rod Kent has stepped down as chairman of the board of M&G Group, but remains a non-executive director, as does Ewen Macpherson. Derek Higgs, who is also a director of Prudential and a chairman of Prudential Portfolio Managers, has joined M&G's board as chairman and non-executive director. John Fairbairn, Beverly Hodson and Paul Marsh have resigned as directors of the company. Peter Letley has been appointed chief administration officer of CIBC World Markets' London office. He will take responsibility for operations, finance and dealing room middle office activities, and will report to Mark Preston,head of CIBC's London office Tom Woods, chief financial officer and Richard Claiden, head of operations. Letley joins from HSBC Investment Banking, where he was deputy chairman.

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