There shall be a chief executive of the Corporation.

After consultation with the Chairman or person designated to be chairman of the Corporation, the Secretary of State shall make the first appointment of the chief executive on such terms and conditions as he may, with the consent of the Treasury, determine.

The Corporation, with the approval of the Secretary of State, may make subsequent appointments to the office of chief executive on such terms and conditions as the Corporation may, with the approval of the Secretary of State given with the consent of the Treasury, determine.