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LONDON (Alliance News) - Standard Chartered PLC Monday said it has appointed Andrew Halford to succeed outgoing Finance Director Richard Meddings, who will step down at the end of June.
The emerging markets-focused bank said it has appointed Andrew Halford as its new finance boss. Halford joins from Vodafone Group PLC, where he spent nine years as Chief Financial Officer. He will join the bank on June 16 and become finance director from July 1.
He will report directly to Chief Executive Peter Sands and will be UK-based.
Halford's base salary will be GBP850,000 a year and 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.
He is eligible to participate in Standard Chartered's discretionary variable compensation plan, and will be able to earn up to 200% of his fixed pay, in line with new European limits.
Meddings replacement will also receive GBP2.8 million of share awards in lieu of share awards granted to him by his previous employer.
"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," Chief Executive Sands said in a statement.
Standard Chartered announced Meddings' shock departure back in January alongside plans to integrate its wholesale and consumer banking divisions.
Halford joins as the lender looks to improve its performance after reporting a high single-digit percentage fall in first-quarter operating profit due to difficult market conditions, a weak performance in Korea as the business there is scaled down, and weakness in emerging market currencies including the Indian rupee and the Indonesian rupiah.
On May 8, Meddings told reporters that "good progress" was being made with the hunt for his successor.
Standard Chartered shares were Monday quoted at 1,338.50 pence, up 0.2%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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