LONDON May 19 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
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