A clergyman who once headed a US multinational is among the front-runners to lead one of the most significant regeneration projects in Scotland.

The Rev John Matthews, a Church of Scotland minister in Glasgow's Ruchill and former European manager for General Electric, is understood to be in the frame for a directorship on the Clyde Gateway project.

The scheme will see £1.4bn in private development poured into Glasgow's east end and North and South Lanarkshire over the next 20 years, bringing 10,000 homes, 21,000 jobs and a population boost of 20,000.

Mr Matthews, until recently deputy chairman of Scottish Enterprise Glasgow, and several high-profile figures in the construction industry are favourites for the private sector seat on the Gateway board.

On Friday, Glasgow City Council will appoint two east end councillors: George Ryan, head of development and regeneration, and George Redmond, head of planning.

The council will also seek approval for the creation of an arms-length property development firm in conjunction with a commercial partner.

Assets worth tens of millions of pounds will be sold and the income used to speed up capital projects in the pipeline.

The scheme has been criticised by the council's opposition as "quick return now, pay more later" and for handing over land policy to a private company.

The council will also confirm the transfer of hundreds of council IT and property jobs to Birmingham-based Serco to save around £70m over the next decade.

Councillor Ryan said: "The Clyde Gateway will transform the east end of Glasgow and South Lanarkshire, and make the area a very attractive place to live, work and invest in."