Deighton is to quit his job as chief operating officer of Goldman Sachs European businesses, to take up the new £300,000-per year job that will make him one of the highest profile executives in the country.

 

“As a Londoner passionate about sport, I am extremely excited about this opportunity,” said Deighton. “The Games has an enormous potential to inspire young people.

 

“The memories of the Games I listened to and watched in my childhood are some of the most inspirational memories I have.“To help stage the Olympic Games and Paralympic Games, the world’s most important and cultural events, in my home city is a dream come true.”

 

Deighton, who is 49, was born in Carshalton and has lived and worked here most of his life apart from a spell when he was studying at Cambridge University’s Trinity College and for Goldman Sachs in New York in the early 1990s.

 

He is married with two children and now lives in central London. He supports Arsenal and works out in the gymnasium every day. The Sunday Times rich list values him at £110 million, mainly as the result of share options and bonuses from Goldman Sachs.

 

Deighton is taking a massive pay-cut to work for London 2012 after seeing the job advertised in The Economist magazine and being chosen from more than 300 applicants.

 

He has described it as a “once in a lifetime opportunity” and the only job he would have considered leaving Goldman Sachs for.

 

“The London 2012 Games represents an unprecedented and unrepeatable opportunity to combine so many of my professional experiences with my love of sport,” said Deighton.

 

“Few projects or events have the scope or the impact on a city or its communities and citizens like the Olympic Games. I am delighted to be part of it.”

 

Much of Deighton’s 22 years at Goldman Sachs has been focussed on establishing the firm’s presence and building leading business positions across Europe.

 

“We selected Paul because of his experience in leading large international organisations and projects and his track record of managing and growing large teams of people in complex and diverse environments,” said Coe.

 

“He is the right person to lead LOCOG on its mission to produce an outstanding Olympic Games for the athletes and youth of the world in 2012.”

 

Deighton will officially start in April but will be heavily involved before then as LOCOG begins to become a fully functioning operation. It currently has a staff of 60 but that is expected to grow to more than 3,000 by the time of the Games.

 

He will also be expected to start raising the £1.5 billion budget required to stage the games. Some of that money will come from the International Olympic Committee and television but a large chunk of it will need to be raised through sponsorship and merchandising.

 

“Paul’s experience at the most senior levels of Goldman Sachs, one of the most successful firms in one of the world’s most demanding industries, will be vital to help LOCOG reach all its key revenue raising targets and deadlines,” said Keith Mills, the London 2012 vice-chairman who was the chief executive during the bid.

 

Tessa Jowell, the Olympics Minister, was also enthusiastic about Deighton’s appointment.

 

“Paul will bring a wealth of experience and knowledge to the task of planning and then staging the Olympic Games and Paralympic Games in 2012,” she said.

 

“His business background and acumen will mean that LOCOG and the Games will be superbly well-run, as well as helping deliver the sponsorship and financial support so essential to the success of the Games.”

 

Deighton’s appointment follows those last month of David Higgins and Jack Lemley to lead the Olympic Delivery Authority, the body that will be responsible for the construction of venues and services for the Games.

 

“We now have the 2012 team in place,” said Jowell. “We can all look forward to the New Year with great confidence.”