Jessica Pulay is set to take the helm as Chief Executive Officer of the UK Debt Management Office (DMO) this summer, succeeding Sir Robert Stheeman, who announced his retirement in September 2023 after over 20 years of service. The DMO, an Executive Agency of HM Treasury responsible for managing the UK Government’s debt and cash, recently concluded its recruitment process, selecting Pulay as the first female CEO.
Pulay, currently serving as Co-Head of Policy and Markets at the DMO, will officially assume her new role upon Stheeman’s retirement at the end of June, following a transition period to ensure operational continuity. Her appointment has garnered praise from high-ranking officials, including Chancellor of the Exchequer Jeremy Hunt and Permanent Secretary to the Treasury James Bowler.
Hunt expressed his delight at Pulay’s appointment, highlighting her extensive experience spanning over three decades in international debt capital markets, both in the public and private sectors. He emphasized the significance of her appointment in maintaining continuity and steering the DMO towards future success.
Bowler also extended congratulations to Pulay, noting her exceptional performance throughout the selection process and her integral role in the DMO’s recent achievements. He expressed confidence in Pulay’s ability to lead the organization through forthcoming challenges and opportunities.
In response to her appointment, Pulay expressed her gratitude for the privilege of leading the UK Debt Management Office. She expressed eagerness to build upon the DMO’s success under Stheeman’s leadership and collaborate with stakeholders to ensure the effective delivery of the UK’s financing program in the years ahead.
Pulay brings a wealth of experience to her new role, with a career spanning various leadership positions in government and supranational financing. Before joining the DMO in 2015, she spent 16 years at the European Bank for Reconstruction and Development in London. Additionally, Pulay held executive roles at renowned financial institutions such as Morgan Stanley, Goldman Sachs Group Inc, and Deutsche Bank AG.
Her appointment comes amidst significant challenges for the DMO, including one of the largest annual borrowing sprees on record and shifting demand dynamics for government bonds. Pulay’s leadership will be crucial in navigating these challenges and maintaining the DMO’s reputation as a leader in sovereign debt management.
As Pulay prepares to assume her new role, she brings with her not only extensive experience but also a commitment to upholding the DMO’s mission of effectively managing the UK’s debt and cash resources in the ever-evolving financial landscape.
