Paul Deighton, chief operating officer of Goldman Sach’s European businesses, has been named as the chief executive of the London Organising Committee of the Olympic Games (LOCOG).

"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 Lord Coe, chair of LOCOG.

"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's responsibilities as chief executive will include the day to day operations of LOCOG and overseeing the planning and implementation of all programmes from sponsorship to ticketing to the Torch Relay.

"The London 2012 Games represents an unprecedented and unrepeatable opportunity to combine so many of my professional experiences with my love for 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."

The appointment has been welcomed by London mayor Ken Livingstone and culture secretary Tessa Jowell.

The London 2012 team also recently announced the appointments of Jack Lemley and David Higgins as chair and chief executive of the Olympic Delivery Authority (ODA), the body responsible for delivering the infrastructure for the Olympic Games. Details: www.london2012.com