Standard Chartered appoints Andrew Halford as Group Finance Director
The Board of Directors (the “Board”) of Standard Chartered PLC (the “Company”) today announce the appointment of Andrew Nigel Halford (“Andy”), age 55, to the Board as Group Finance Director and Group Executive Director. In line with the Board’s announcement on 9 January 2014, Richard Meddings will step down from the Board with effect from 30 June 2014.
Andy joins the Company on 16 June 2014. He becomes Group Finance Director and will be appointed to the Board with effect from 1 July 2014. He will report directly to Peter Sands, Group Chief Executive, and will be based in the UK.
Andy joins Standard Chartered from Vodafone Group PLC where he spent 15 years, 9 years as Chief Financial Officer until he stepped down in March 2014. He is a non-executive director of Marks and Spencer Group plc. Andy joined Vodafone in 1999 as Financial Director for Vodafone Limited, the UK operating company, and in 2001 became Financial Director for Vodafone’s Northern Europe, Middle East and Africa Region. From 2002 to 2005 Andy was Chief Financial Officer of Verizon Wireless in the US before becoming a member of the Board of Representatives of the Verizon Wireless partnership until 2013. Prior to joining Vodafone he was Group Finance Director at East Midlands Electricity Plc. Andy is a former Chairman of The Hundred Group of Finance Directors in the UK and is a Fellow of the Institute of Chartered Accountants in England and Wales.
Peter Sands, Group Chief Executive, commented: “Andy is an outstanding finance director with deep experience of managing a complex, international business in dynamic and changing markets. He will bring complementary expertise to our team as we continue to grow our business and drive further value for our shareholders.”
Sir John Peace, Chairman, added: “I am thrilled to welcome Andy to Standard Chartered. He is an exceptional leader, bringing extensive financial, consumer and technology experience, most recently at one of the world’s leading telecoms companies, and will be a very welcome addition to our Board.”
Andy Halford, Group Finance Director Designate, said: “Standard Chartered has substantial opportunities for growth across some of the world’s most dynamic markets, so I am delighted to be joining the team at such an exciting time. I look forward to helping the business continue to drive sustainable and profitable growth while maintaining its position of financial strength.”
Remuneration statements in relation to Board Changes
Remuneration statement in relation to Andrew Nigel Halford
The key terms of his appointment with Standard Chartered Bank are set out below and are disclosed in accordance with the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “Hong Kong Listing Rules”).
On appointment to the Board, Andy’s annual base salary will be GBP850,000. He will receive standard benefits including an expenses allowance, pension provision, medical cover and life assurance, as well as receiving a fixed pay allowance of USD700,000 delivered in shares which can be realised over five years.
Andy is eligible to participate in the Company’s discretionary variable compensation plan with a maximum opportunity of up to 200 per cent of his fixed pay (in line with the European Banking Authority’s valuation rules). More details of the approach to directors’ remuneration are set out in the remuneration disclosures in the 2013 Annual Report and Accounts.
His service agreement is similar to other Group Executive Directors in that it has provisions including a normal 12 month notice period and, in the event of termination, phased payment of any notice entitlement, with a duty to mitigate the loss.
Andy will on appointment be granted replacement share awards with a value of GBP2.83m in lieu of share awards awarded by his previous employer and which are now forfeited on his appointment to the Board. Details will be disclosed in the 2014 Director’s remuneration report.
The Board Remuneration Committee, comprised of independent non executive directors, set the remuneration for Andy’s role with reference to his individual experience as well as the compensation levels for similar roles in the Group’s international banking peers.
Remuneration statement in relation to Richard Meddings
The Remuneration statement in relation to Richard was disclosed in the announcement of 9 January 2014.
Additional information
Neither director has any relationship with any other director, member of senior management or substantial or controlling shareholder of Standard Chartered PLC.
There are no matters relating to the resignation of Richard Meddings that need to be brought to the attention of the shareholders of the Company.
There is no other information to be disclosed under the requirements of UK Listing Rule 9.6.13 (1-6) and Rule 13.51(2) of the Hong Kong Listing Rules in relation to Andrew Halford’s appointment which has received the necessary regulatory approval.
For further information please contact:
Investors:
James Hopkinson
Tel: +44 20 7885 7151
James.Hopkinson@sc.com
Media:
Jon Tracey
Tel: +44 20 7885 7613
Jonathan.Tracey@sc.com
Sarah Lindgreen
Tel: +44 20 7885 8764
Sarah.Lindgreen@sc.com