RIP Michael J. (Mikey) O'Connor
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07 Sept 2025
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07 Sept 2025
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UK investment minister Baroness Poppy Gustafsson is reportedly stepping down less than a year after the former boss of cyber security firm Darktrace was appointed to the role.
Baroness Gustafsson is understood to be leaving as Prime Minister Sir Keir Starmer carries out a wider ministerial reshuffle after his deputy Angela Rayner quit over her failure to pay the full stamp duty on a seaside flat.
Sky News reported that Baroness Gustafsson was resigning to spend more time with her young family, with the announcement due in the coming days.
Her reported departure deals another blow to Sir Keir as he grapples with the fallout of Ms Rayner’s exit.
Sir Keir appointed Baroness Gustafsson in October last year to be his new investment minister in a bid to demonstrate the Government’s commitment to strengthening ties with business and to help attract international firms and investment to the UK.
In her role, which sits jointly between the Treasury and Department for Business and Trade, she has led the Office for Investment.
The Department for Business and Trade declined to confirm Baroness Gustafsson’s departure.
The Treasury has been approached for comment.
Baroness Gustafsson co-founded Cambridge-based Darktrace in 2013, leading the company from start-up to its stock market listing in 2021.
She stepped down as chief executive in September last year ahead of its near-£4.3 billion takeover by private equity group Thoma Bravo.
She was made a CBE in the 2025 New Year’s Honours for services to cyber security.
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