In a statement issued on Friday ( 6th February), Global Counsel said that it had reached an agreement for the divestment of Peter Mandelson’s shares in the company.

With the divestment process agreed, Wegg-Prosser announced he would step down from his role as chief executive. The company has appointed its managing director Rebecca Park to replace him.

Global Counsel, founded by Mandelson and Wegg-Prosser in 2010, offers strategic advice and research to clients in the public and private sector.

Mandelson stepped down from the company’s executive board two years ago following a governance restructure and investment from The Messina Group. 

Mandelson’s remaining shares have now been acquired by an existing board member, shareholder and Rebecca Park.

The changes come following widespread criticism of Mandelson and his subsequent resignation from the House of Lords and the Labour Party over communications that were released in the US as part of the Epstein files, a trove of more than three million documents from the US investigation into convicted child sex offender and financier Jeffrey Epstein.

Mandelson was a key figure in the New Labour movement of the 1990s that culminated in the 1997 general election victory, holding the role of business secretary between 2009 and 2010. He was ambassador to the US in 2025 and was dismissed in September 2025 over previous revelations from his communications with Epstein.

Archie Norman, chairman of Global Counsel, said: “Peter Mandelson no longer has any shareholding, role, or association with Global Counsel and has no influence over the firm in any capacity. Global Counsel is independently governed and led and continues to focus on serving its clients with integrity and professionalism.

“I want to thank Ben for his loyalty and commitment to Global Counsel. He has built a great firm and strong team who will take the business forward and I am delighted that Becca has agreed to become CEO.”

Wegg-Prosser said: “With the completion of the divestment of Peter Mandelson’s stake in the business, I feel that now is the time to draw a line between Global Counsel and his actions.”

Rebecca Park said: “Ben’s leadership and vision have been crucial to the success of Global Counsel since its founding and I am honoured to write the next chapter of Global Counsel’s story.”