Standard Chartered FD scoops chief exec role
Peter Sands handed overall responsibility for banking heavyweight as board greenlights a raft of changes
Peter
Sands, group finance director of Standard Chartered is to take over the
chief executive’s role at the FTSE 100 banking giant. The move was triggered by
current chief exec Evan Mervyn Davies agreeing to become the group’s
non-executive chairman after the current incumbent Bryan Sanderson decided to
step down.
Currently enjoying a £1m+ total salary package according to a report compiled
by Financial
Director, Sands – who joined the company in 2002 – is set for another bumper
pay day when he graduates to the top spot. Standard Chartered’s most recent
annual report showed that the chief exec’s base salary was at least a quarter of
a million pounds higher than the FD’s role.
Richard Meddings, currently group executive director for governance across
Africa, Middle East, Pakistan, Europe and the Americas, will take over FD
responsibilities.
Rudy Markham,
Unilever’s CFO, will
succeed Hugh Norton as a senior independent director as of 31 December 2006.
Markham was appointed to the Board as an independent non-executive director in
February 2001 and is also chairman of Standard Chartered’s Audit and Risk
Committee.
Standard Chartered said in a statement: ‘In reaching the decision to request
Mervyn Davies to take up the role of chairman, the Board considered the
complexity of the international banking environment in which the Group operates,
the magnitude of the Group and the diversity of its businesses and people.’
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