He became editor of the Financial Times in 1991 and during his 10 years in this role launched the US version of the newspaper.

In 2003 he was asked by the chancellor to write the Lambert Review of Business-University Collaboration.

A member of the Bank of England's Monetary Policy Committee from spring 2003 until spring 2006, Richard took up the post of director-general of the CBI in July 2006.

Among a number of other non-remunerated roles, Richard is also a Trustee of the British Museum and became chancellor of the University of Warwick in August 2008.