Tim Hailes, the frontrunner to become the next Lord Mayor of the City of London, has withdrawn his candidacy. The decision was made after a close business associate became subject to criminal proceedings.
Hailes, a former JP Morgan banker and City alderman since 2013, stated he stepped aside to prevent any potential damage to the City's reputation or the mayoralty. He clarified that he is not personally under investigation and did not identify the individual or the nature of the allegations.
Following Hailes' withdrawal, City aldermen have decided to advance the candidacy of Bronek Masojada. Masojada, the former chief executive of insurance firm Hiscox, was previously a mayoral candidate for 2027. He could become Lord Mayor elect as soon as tomorrow, the scheduled election date.
The election will proceed as planned, according to the City Corporation. If successful, Masojada would succeed the current incumbent, Dame Susan Langley, in mid-November.