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Bank of England appoints Santander's Hogg to new post
June 18, 2013 / 2:22 PM / 4 years ago

Bank of England appoints Santander's Hogg to new post

LONDON, June 18 (Reuters) - The Bank of England has appointed Charlotte Hogg as its chief operating officer, a newly created post to help the 300-year-old institution manage its growing range of day-to-day duties.

Hogg, who has been head of retail distribution at Santander UK since 2011, will take responsibility for human resources, information technology and finance, giving the central bank’s governor more time to focus on policy.

The appointment was made by incoming governor Mark Carney, who will replace Mervyn King at the start of July.

The new role of chief operating officer was announced last year in response to concerns that the governor would be overburdened by an increase in the central bank’s powers.

Following a sweeping overhaul of Britain’s regulatory framework, the Bank of England is now in charge of both monetary policy and financial regulation, making it one of the most powerful central banks in the world.

“My tenure at the bank will oversee a significant transition,” Carney said. “Charlotte brings an outstanding track record and breadth of experience that will help to catalyse that change.”

Hogg began her career at the Bank of England before moving to the private sector, where she worked for McKinsey, Morgan Stanley and Experian before joining Santander.

The status and remuneration of the operations chief will be on a par with that of the bank’s three deputy governors, the Bank of England said.

In 2012-13 the deputy governors were paid around 260,000 pounds a year in salary and benefits.

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