Mr King will head the independent office of the SBC in Birmingham. It was launched in December 2017 to ensure fair payment practices for Britain’s small businesses and support them in resolving their payment disputes with larger businesses and bring about culture change. To date, it has recovered over £6.5m owed to small businesses.

Sue Chapple, who is currently the CICM’s director of strategic relationships, will assume the role of interim CICM chief executive until a permanent successor is recruited.

In a career spanning 40 years, Mr King has held senior credit management roles in the high-tech and communication sectors, in distribution and retail, including spells at Olivetti and Vodafone. He was appointed director general of the ICM in 2005, and later chief executive, and was behind the Institute’s drive to become a Chartered body (to become the CICM) in 2015.

As the architect of the Prompt Payment Code, and author of the Managing Cashflow Guides, Mr King has worked closely with successive governments in championing best-practice credit management and supporting small business.

Mr King said: “The CICM has worked tirelessly with government agencies to support small businesses and change attitudes to late payment. Whereas I am sad to be leaving the CICM after over fourteen years at the helm, that is tempered by the privilege of directly supporting the government industrial strategy and giving small businesses the support they need to prosper and grow.

“Recognising the needs of all businesses both large and small is an essential part of resolving potential conflict and preventing issues from occurring in the first place. Poor behaviour should be identified and called out, and I would actively encourage small businesses to engage with the Commissioner’s office at the earliest opportunity if there is a problem, but it is important too that we highlight examples of best-practice to which others should aspire.”

Peter Whitmore, chair of the CICM executive board, thanked Mr King for his service, and said: “Philip has played a vital role in projecting the work of our professional members in enabling the success of their own businesses and supporting the wider business economy. His appointment reflects the importance of keeping the cash flowing.

“In his time leading the CICM, Philip has helped transform the Institute to achieve Chartered status and elevate the critical importance of best-practice credit management and professional credit managers in the minds of government and other key influencers, including the media. We wish him well.”

The Small Business Commissioner and his team are tasked with providing general advice and information to small businesses on matters such as resolving payment disputes, including signposting them to existing support and dispute resolution services, which will be delivered through the commissioner’s website.

His priorities reflect his expertise in professional credit management, not only understanding the need for positive cashflow and getting the basics right, but also understanding the challenges of all businesses in the supply chain.