Paul Deighton, chief executive of London 2012 organisers LOCOG, has been given a seat in the House of Lords, where he will become the government's new commercial secretary to the Treasury.

He will replace Lord Sassoon, who has held the role since the formation of the coalition government in May 2010.

Deighton, a former investment banker and a partner at Goldman Sachs, will be tasked with "getting the economy going" after successfully delivering the London 2012 Olympics and Paralympic Games.

The appointment is part of Prime Minister David Cameron's reshuffling of ministerial posts, which included the naming of Maria Miller as the new secretary of state for sports, arts and culture.