The government's new value for money tsar will be paid a day rate of £950.
David Goldstone will take up the position of chair of the new Office for Value for Money, Chancellor Rachel Reeves said during her budget on Wednesday.
She said Mr Goldstone would "help us realise the benefits from every pound of public spending".
He will be in post for a year and is responsible for providing advice to the chancellor and chief secretary to the Treasury to save money by reforming systems and improving policy outcomes.
Budget latest: Sky News experts react to falling pound in wake of budget
Mr Goldstone is expected to work a monthly average of one day a week.
It equates to an annual salary of just under £50,000. If the post was full time it would work out at more than £240,000 a year.
Mr Goldstone's role is independent and he is not an employee of the Treasury.
He is also a non-executive director of the Submarine Delivery Agency and HS2 Ltd.
He previously worked as chief executive of Parliament's Restoration and Renewal Delivery Authority and chief operating officer at the Ministry of Defence.
Read more from Sky News:
Pound falls sharply and long-term borrowing rates up
School smartphone ban will not become law
Analysis: Hostile market response as chancellor suffers Halloween nightmare
Mr Goldstone oversaw the government's investment of £9.3bn for the 2012 Olympics, which included the Olympic Park venues and infrastructure.
(c) Sky News 2024: Government's value for money tsar to be paid £950 a day
'People were crying, they were trapped': Spain reels from deadly flash floods
'No one came to rescue us': In this destroyed Spanish town, people are angry
Budget: Hostile market response as chancellor suffers Halloween nightmare
Sara Sharif: 10-year-old's stepmother said girl's father beat her up 'like crazy', according to WhatsApp messages read in court
Tens of thousands forced to flee Lebanon after Israeli airstrikes
Anora: The film opening the conversation about sex work ahead of awards season
Ukraine war: Thousands of North Korean troops near Ukraine border will enter battle 'within days', says Blinken
'I had to barricade myself in bedroom during work trip', Mohamed al Fayed accuser says
Tiger King star announces prison engagement