Tim Hailes, an alderman of the City of London Corporation and the frontrunner in the upcoming election for the City’s lord mayor, has withdrawn from the race following the involvement of a business associate in criminal proceedings. The announcement came as Hailes sought to prevent any potential harm to the reputation of the mayoralty and the City of London.

Hailes, 58, who has served as an alderman for more than 13 years, has a background in legal roles including associate general counsel at JP Morgan, general counsel at blockchain platform Blockthree Holdings, and solicitor at Cadwalader, Wickersham & Taft. In a statement, he clarified that he is not personally under investigation and that the legal matter concerns someone closely connected to a former employer where Hailes was a director and shareholder.

“This has not been an easy decision, but I believe it is the right course of action under the circumstances,” Hailes said, adding that he hopes to be considered for the mayoralty at a later date when the circumstances allow.

Following Hailes’s withdrawal, aldermen have moved to advance the candidacy of Bronek Masojada, the former chief executive of insurance firm Hiscox. If successful, Masojada would succeed Dame Susan Langley, who is the City’s first female lord mayor, in the role starting this November.

Hailes expressed his disappointment on LinkedIn, noting the voluntary and unpaid nature of the position and the wider livery movement. He emphasized pride in being part of a generous and selfless community committed to public service.

Masojada is anticipated to feature prominently in the Lord Mayor’s Show on November 14, an event that traditionally includes thousands of participants and the use of the Gold State Coach.

The City of London lord mayor serves as a key ambassador for the UK's financial sector, and the election process typically involves aldermen from the City Corporation. The Lord Mayor’s Show is a historic annual event celebrating the inauguration of the new lord mayor.