Cobra beer tycoon is elected the first BAME head of CBI: Lord Bilimoria pledges to fight for better boardroom diversity
The Indian-born tycoon behind Cobra beer has been elected as the first BAME boss of the Confederation of British Industry (CBI).
Lord Bilimoria of Chelsea replaces John Allan at the top of the business lobby group at a time when the Black Lives Matter protests have thrust race relations back into the spotlight.
With the CBI pushing for greater diversity in boardrooms, the 58-year-old has vowed make his two years in charge count.
Lord Bilimoria of Chelsea replaces John Allan at the top of the CBI at a time when the Black Lives Matter protests have thrust race relations back into the spotlight
Bilimoria said: ‘Diversity drives better decisions. It will be my aim to get better BAME (black, Asian or minority ethnic) representation in boardrooms across the country.’
He separately promised to make the CBI, which is long accused of being biased towards big businesses, ‘a home for entrepreneurs and SMEs’ and help boost the UK’s standing as a ‘trading powerhouse’.
But the crossbench peer’s tenure will also be dominated by the UK’s exit from the EU this year, as well as the economic recovery from the coronavirus crisis.
Bilimoria added: ‘As the four nations of our country embark upon an ambitious economic recovery plan, I will do all I can to help ensure we build back better through inclusive and sustainable growth.’
Born in the Hyderabad region where his father was a senior Indian Army chief, Bilimoria moved to London in 1981 and qualified as an accountant with Ernst & Young.
He then read law at Cambridge University and led its debating team against that of Oxford University, which included Cabinet Office minister Michael Gove.
Bilimoria had his idea for Cobra after finding lagers ‘fizzy, gassy, harsh, bland and bloating’. With business partner Arjun Reddy, it became a mainstay at thousands of Indian restaurants before falling on hard times in 2009.
The British arm was later bought out of pre-pack administration by Molson Coors for £14million, with Bilimoria retaining a 49 per cent stake, prompting accusations he had left creditors owed £72million out to dry.
The businessman has vowed to pay them all back, adding last year that he had paid ‘chunks’ and was ‘doing his utmost’.
In his first major intervention last night, Bilimoria called on ministers to relax social distancing rules to save the hospitality industry.
He said there was a ‘strong argument’ to cut the minimum distance to one metre – down from two – adding that otherwise ‘you will see many businesses go bust’.