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The Waste and Resources Action Programme (Wrap), the body charged with reducing packaging, has named former investment bank chief Peter Stone as its new chairman.

Stone, 61, was one of the three founding directors ofmerchant bank Close Brothers, and led it through its flotation on the London Stock Exchange in 1984.

He left the firm in 1998 and has since served as a non-executive director for a number of companies, including accountancy group Smith & Williamson.

Stone is due to take over as chairman of Wrap from Vic Cocker at its board meeting on 12 May. He has been given the role after an open appointment process.

Stone will join Wrap as it prepares to launch its revised business plan following the 30% cut in funding from the Department for Environment, Food and Rural Affairs announced two months ago.

A spokeswoman said Wrap would reveal the new business priorities some time in the next couple of months.

Wrap is still waiting to receive word about its funding from the UK's devolved administrations.

It is also believed to be looking at revising the Courtauld Commitment, the voluntary agreement with retailers and brand owners to reduce packaging and tackle food waste, to focus more on packaging optimisation.