ONE OF THE UK’s most respected finance directors, Richard Meddings, is to step down as group FD of Standard Chartered.
Meddings will leave the role at the end of June, with the bank entering into a major restructuring that will bring together its wholesale and consumer banking divisions together.
He was appointed as group FD in November 2006, having joined the board as group executive director in November 2002. He had previously held senior finance roles at Barclays, Woolwich, Hill Samuel and Credit Suisse.
The reorganisation is a key plank of attempting to achieve its strategic goals outlined to investors in November: namely, to drive growth across Asia, Africa and the Middle East. Divisional and personnel changes will see duplicated functions rationalised, while resources will be deployed more effectively across the geographical and service lines.
The combined businesses will be run by new deputy group chief executive Mike Rees. Steve Bertamini, group executive director and CEO Consumer Banking will step down from the board at the end of March 2014.
Meddings was named Blue Chip FD of the Year in the 2009 Accountancy Age Awards, primarily for his role serving on the ‘crisis cabinet’ charged with formulating the first bank bailout.
Group chief executive Peter Sands said: “Richard has played a key role in the transformation of Standard Chartered over the last decade. Under Steve’s leadership, our consumer banking business has made huge strides in developing its digital capabilities and in improving customer service. Steve and Richard are both outstanding leaders, good friends and will be missed. We wish them both well in their future careers.”
Meddings said it was a “real privilege” to have worked at the bank. “It’s an excellent bank, staffed by great people and operating in the growth markets of the world. However, after eleven years – seven as finance director – and as the group now evolves into its next phase, this is a natural point for me to step away, which I have announced I will do by 30 June. I look forward to helping Peter, Mike and the team with the transition over the next six months.”
A search for his successor has begun.
Meddings is entitled to his salary, pension contribution and other contractual benefits for a 12-month period. The employment period can be terminated through mutual agreement – with unserved notice through one or more payments in lieu.