Nadhim Zahawi has announced his next role after confirming he will stand down at the next election.
Last week Mr Zahawi joined the exodus of Tory MPs standing down at the election, which is expected to be held this autumn.
The former chancellor has now been appointed chair of online retailer Very Group, which owns Very and Littlewoods.
He will replace interim chair Aidan Barclay at the company which is part of the Barclay family’s business empire.
The Barclays have owned Very Group since 2002, but the business recently swung to a half-year loss and was forced to secure £125 million in new debt funding from Carlyle Global Credit and IMI.
The Very Group said in a statement that Mr Zahawi would work with the directors and management team to explore expanding the business in new areas.
It also said he would work with shareholders on “the strategic options” for the business, possibly including fresh investment in the short to medium term.
Aidan Barclay added: “I am delighted to welcome Nadhim to the Board of the Very Group.
“With a proven track record in digital growth and innovation, and highly respected in the UK and global markets, he is ideally suited to lead our Board as the company enters its next stage of strategic development and growth.”
Mr Zahawi, who co-founded the polling company YouGov in 2000, has held ministerial positions under the last four prime ministers – Theresa May, Boris Johnson, Liz Truss, and Rishi Sunak.
He had a short-lived stint as chancellor in the final days of Mr Johnson’s government. Other positions included Covid-19 vaccines minister, Conservative Party chairman and education secretary.
Last week, he announced he would not run in the next election. He was sacked as Conservative Party chairman in January 2023 after an inquiry found he had failed to disclose that HMRC was investigating his tax affairs.
The investigation was sparked by The Independent’s revelation of an HMRC investigation into the MP over his tax affairs. Mr Zahawi tried to stop this publication from exposing the investigation by threatening to sue if the information was published.
Mr Zahawi did not sue, and paid a penalty of more than £1m to HMRC in a settlement worth almost £5m in total.
Over the weekend, he told the BBC he paid nearly £5 million to authorities to settle his tax affairs, and apologised for not being “more explicit” in his ministerial declaration on the settlement.
He called it a “careless mistake”.
Mr Zahawi said of his new role: “As one of the UK’s largest digital retailers and flexible payments providers, the company has an important role to play in helping families get more out of life.
“With a heritage of over 100 years, Very has an unrivalled knowledge and understanding of its customer, demonstrating resilience even in the face of challenging conditions.”
