The former chairman of the Financial Reporting Council (FRC) who stepped down last month has taken a new role at private equity firm Carlyle.
Simon Dingemans, who left the accounting watchdog in May, will join Carlyle as a managing director in charge of UK buyouts, first reported by the Financial Times. He will also reportedly oversee healthcare deals across Europe.
The former Glaxosmithkline finance boss stepped down from his role at the FRC less than nine months after taking the role. He was appointed last July to oversee the FRC’s transformation to the Audit, Reporting and Governance Authority (ARGA), following a series of failings.
The FRC is attempting a reform of how the industry is regulated after a review by Sir John Kingman in 2018 called the body a “rather ramshackle house”.
In a statement last month the watchdog said Dingemans was stepping down because of the conflicts between the part-time role and other positions he was interested in taking.
“It was agreed as part of his appointment process that Simon Dingemans could take on additional roles provided they did not conflict with his responsibilities at the FRC. This has not proved possible and so it is with regret that Mr Dingemans has informed the Board and the Secretary of State that he intends to step down from the FRC at the end of May,” the statement said.
His career includes stints at investment bank Goldman Sachs and the private equity firm Warburg Pincus. He was Glaxosmithkline’s chief financial officer for more than eight years.
Dingemans will work closely with Carlyle’s European buyout co-heads Marco De Benedetti and Gregor Boehm. They said: “His appointment strengthens our existing UK team, adding seniority to a country which is strategically important to Carlyle, and his significant healthcare expertise will provide valuable insights across European opportunities.”