GERALD SHEEHAN, the chief executive and deputy master of the Royal Mint, left the organisation abruptly yesterday after four years at the helm after facing pressure to quit from modernisers who want to make the organisation more commercial.
It also emerged that Mr Sheehan’s role is likely to be split into two, allowing the chief executive’s position to be opened up to business leaders and the private sector for the first time.
Insiders said that he was still locked in talks yesterday about the terms of his departure and it was unclear whether he would receive a payoff.
Until permanent replacements are found, the Financial Secretary to the Treasury has appointed David Barrass, a former Rentokil executive, as interim chief executive and Huw Edwards, the finance director of the Royal Mint, to the role of deputy master and accounting officer of the Mint.
It is expected that an advertisement for the chief executive’s position will be placed in national newspapers shortly.
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Insiders said the Royal Mint, based in Llantrisant, South Wales, was keen to appoint a good business leader to the chief executive’s role, at a time when the Royal Mint is facing increasing global competition in its lucrative sideline selling commemorative coins.
“The market has been very competitive, but they want to make sure they get a decent slice of it,” the source said.
In a statement issued by the Treasury yesterday Mr Sheehan was lauded as being “instrumental in introducing changes to enable the Royal Mint to face its future challenges”.
It is understood that the Royal Mint wants to bring in private sector expertise to push the changes harder.
Neither the Treasury nor the Royal Mint would make any official comment on whether Mr Sheehan had been forced out.
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The statement said only that Mr Sheehan was leaving to “pursue other interests”.
No details of the salary package for the new chief executive’s role were available last night. The Treasury would say only that the package was negotiable for the right candidate.
The role of deputy master must still be held by a civil servant, because it is a ceremonial position. The chief executive’s role is focused on running the business.
By contrast, the position of deputy master is heavily involved in choosing new coin designs and takes part in an annual ceremony known as the Trial of the Pyx, which dates back to 1282. The Trial of the Pyx is an examination by a jury independent of the Royal Mint to ascertain that the gold, silver and cupro-nickel coins made by the Mint are of the proper weight, diameter and composition by law.
The ceremony is convened annually and carried out by the Goldsmiths Company of the City of London. It consists of Freemen of the Goldsmiths Company and is presided over by the Queen’s Remembrancer.
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The Chancellor of the Exchequer is the Master of the Mint. Its board comprises a non-executive chairman, three non-executive directors, the chief Executive, deputy master and five executive directors.
The Royal Mint’s business comprises the production and sale of circulating coins and blanks for the British and overseas governments, of collectible coins and medals and the marketing of non-coin gifts and collectible items.