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Labour's general secretary named Labour's general secretary named
(40 minutes later)
City fund manager David Pitt-Watson is to be the new general secretary of the Labour Party. City fund manager David Pitt-Watson is to be Labour's new general secretary.
Mr Pitt-Watson, who was deputy general secretary between 1997 and 1999, will replace Peter Watt, who quit last year over Labour's proxy donations. Mr Pitt-Watson, 51, has worked in the City since a two year stint as Labour's assistant general secretary, responsible for finance, ended in 1999.
Mr Pitt-Watson has been working as a financier in the City since 1999. He is expected to step down as chairman of Hermes Equity Ownership Services. Hermes is a Northern Rock shareholder.
He is understood to have been Gordon Brown's favoured candidate and was an adviser on business to Tony Blair when he was prime minister. Mr Pitt-Watson, understood to have been Gordon Brown's favoured candidate, will replace Peter Watt, who quit in the row over Labour's donations by proxy.
Mr Pitt-Watson is also the chairman of Hermes Equity Ownership Service which is a major shareholder in Northern Rock. Mr Pitt-Watson had argued publicly for the government to pursue a private sector solution to deal with Northern Rock, which has now been taken into public ownership.
He had argued publicly for the government to pursue a private sector solution to deal with the troubled bank, which has now been taken into public ownership.
He is expected to stand down from his position at Hermes later today.
The party's national executive chose him over Mike Griffiths, an official at the Unite union.The party's national executive chose him over Mike Griffiths, an official at the Unite union.
David Pitt-Watson brings a breadth of experience and will be a great asset to the party Dianne HayterNEC chairman
Mr Pitt-Watson said he was "thrilled" to have been appointed adding: "My first priority is to build on the progress already made to get the Labour Party ready to win a future general election.
"It is also to establish robust party structures and procedures in terms of finance and compliance to create stability for the organisation going forward."
Former general secretary Peter Watt resigned last November after admitting he knew businessman David Abrahams was donating money to Labour using other people's names.Former general secretary Peter Watt resigned last November after admitting he knew businessman David Abrahams was donating money to Labour using other people's names.
The 37-year-old former nurse, who had been in the job since 2005, told Labour's ruling National Executive committee he was not aware he had broken the rules.The 37-year-old former nurse, who had been in the job since 2005, told Labour's ruling National Executive committee he was not aware he had broken the rules.
NEC chairman Dianne Hayter said Mr Pitt-Watson brought "a breadth of experience and will be a great asset to the party in terms of political judgment and organisational management".