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UPDATE 1-StanChart picks ex-Vodafone exec Halford as finance boss
May 19, 2014 / 3:56 PM / 3 years ago

UPDATE 1-StanChart picks ex-Vodafone exec Halford as finance boss

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LONDON, May 19 (Reuters) - Asia-focused bank Standard Chartered has picked an executive from outside banking to be its new finance director, saying former Vodafone finance chief Andy Halford will take up the role in July.

Halford, 55, left Vodafone Group in March after 15 years at the British mobile phone operator, including the last nine as finance director.

He left after overseeing Vodafone’s complex $130 billion deal to sell its 45 percent stake in its U.S. wireless business to Verizon Communications, the third biggest corporate deal ever.

Halford could earn up to $6.3 million a year at Standard Chartered, plus other benefits. He will be paid a salary of 850,000 pounds ($1.4 million) and an annual allowance of $700,000 that is paid in shares over five years, and could earn a bonus of up to twice his fixed pay total.

He will also be given shares worth 2.8 million pounds ($4.7 million) to replace share awards from Vodafone he will forfeit.

Standard Chartered has been searching for a new finance director since Richard Meddings said in January he would leave, after a reorganisation that saw Mike Rees, the head of wholesale banking, promoted to deputy chief executive, becoming the favourite to succeed Chief Executive Peter Sands.

Meddings has been finance chief since 2006 and had been seen as a likely replacement for Sands.

Standard Chartered, which makes four-fifths of its money in Asia, has come under scrutiny after its 10-year record of earnings growth came to an end last year, prompting Sands to restructure the bank. More than 40 percent of its shareholders this month also opposed its pay plan.

Halford will join the bank in June, and take over from Meddings at the start of July. He will be based in Britain.

$1 = 0.5942 British Pounds Reporting by Steve Slater; Editing by Matt Scuffham and Mark Potter

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