Olympics Minister, Tessa Jowell said: "I am delighted at Baroness Ford's appointment to Chair the Legacy Delivery Company… Success in creating a vibrant, commercial, cultural and sporting park in the years after the Olympics with the strong engagement of local communities will be one of the most important tests of success in meeting our big ambitions for the Games.”  She went on to say: "Margaret Ford has a very strong record of achievement and will, I'm sure, bring strong leadership in meeting these challenges."

Baroness Ford brings to the role an abundance of experience in leading and managing complex private and public sector companies and bodies. High profile roles include her previous chairmanship of English Partnerships and her current position as a senior advisor to the Royal Bank of Canada's Global Infrastructure Group.

Communities and Local Government Secretary, Hazel Blears said: "London 2012 is not just about the Olympic Games, it's about a once in a life time opportunity to provide a legacy across East London that will benefit people for generations to come.”

London Mayor Boris Johnson said: "I am determined that no stone is left unturned in the delivery of the London 2012 legacy, which will reap benefits for generations to come not only in East London but across the capital and country.”

Baroness Ford said: “Legacy was right at the heart of the London 2012 bid. This new company will provide a strong focus and drive to deliver a community and London-wide legacy that we can be proud of and build on the excellent work done so far by London 2012 partners."

The 2012 legacy delivery company's remit will include securing a viable future for the venues that will remain post-2012, as well as creating distinctive new communities, ranging from buzzing urban centres to quieter areas for families surrounded by waterways and green open spaces. One of its first tasks will be to oversee the submission of the planning application for the Olympic Park during the summer.