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Jessica Pulay to become CEO of the UK Debt Management Office

She will succeed Sir Robert Stheeman as Chief Executive Officer of the UK Debt Management Office this summer

  • The UK Debt Management Office (DMO) is an Executive Agency of HM Treasury. It is primarily responsible for debt and cash management for the UK Government. 
  • Sir Robert Stheeman, Chief Executive Officer of the DMO, announced in September 2023 that he would be stepping down from the role at the end of June 2024 after over 20 years of public service. 
  • The full and open recruitment process for his replacement that has run over the past few months has now concluded, and the successful candidate is Jessica Pulay. 
  • Jessica Pulay will become the first female Chief Executive Officer of the UK DMO. 

Jessica Pulay, currently Co-Head of Policy and Markets at the UK DMO, will officially begin her new role as Chief Executive Officer upon Sir Robert Stheeman’s retirement at the end of June. In the meantime, there will be a handover period to ensure the continued smooth operation of the DMO. 

Chancellor of the Exchequer, Jeremy Hunt, said: 


I am delighted that Jessica will be taking the reins at the DMO – a sovereign debt manager that is held in the highest regard on the international stage. She brings with her over three decades worth of relevant experience, is highly regarded in the market, and the appointment provides strong continuity to a critical government function as the DMOlooks to the future. I would like to thank Sir Robert for his excellent work as CEO of the DMO over the last two decades.

Permanent Secretary to the Treasury, James Bowler, said: 


I would like to congratulate Jessica on her appointment. She managed to rise above a strong field of both public and private sector candidates to secure the role. Jessica has been a key part of the DMO’s success in recent years and brings a wealth of both public and private sector experience to the job. The DMO is rightly regarded as a leader in sovereign debt management and I am confident Jessica can lead the organisation through the challenges and opportunities that it will face in the years to come. I would like to thank Sir Robert for his superb leadership of the DMO over the last 20 years.

Jessica Pulay said: 


It is an immense privilege to have been appointed Chief Executive Officer of the UK Debt Management Office. I greatly look forward to building on the success of the DMO under the leadership of Sir Robert Stheeman and to continuing to work with financial market participants and the DMO’s wider stakeholder group. Their support will ensure that the UK’s financing programme will continue to be smoothly and effectively delivered in the years ahead.

Jessica Pulay’s career to date

Jessica has over 35 years of leadership experience in international debt capital markets in both the public and private sectors, specialising in government and supranational financing. She has worked at the UK DMO as the Co-Head of Policy and Markets since she joined in 2015, and is also an executive member of its Advisory Board. Before then, Jessica spent 16 years at the European Bank for Reconstruction and Development (EBRD) in London where she was Deputy Head of Funding. Earlier in her career Jessica also held several roles in the private sector, including at Morgan Stanley and Goldman Sachs.

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