We thought pigs would fly before the three-century-old Bank of England appointed anything as forward-thinking as a chief operating officer – but clearly, new governor Mark Carney thinks that it’ll help bring home the bacon, and has appointed Charlotte Hogg to be the bank’s first-ever COO.
Hogg, until recently the head of Santander’s high street banking business, will start her new job at the beginning of next month, taking responsibility for ‘all aspects of the day-to-day management of the bank, including human resources, finance, property, IT and security’. In other words, shouldering the responsibility for some of the fiddlier bits of management so the governor can get on with the small matter of rescuing the British economy.
The level of responsibility will be reflected in her pay packet: she’ll earn the same amount as the bank’s three deputy governors.
Hogg’s background is formidable: the daughter of former Tory minister Douglas Hogg and journalist-turned-FTSE chairwoman Baroness Hogg, she began her career at the Bank of England, moving to Santander in 2011.
The appointment is an indication that Carney’s planning to shake things up, just like he did when he took over at the Bank of Canada in 2008. Today he said that his tenure at the bank will ‘oversee a significant transition.
MT assumes it’s only a matter of time before the entire staff of the Bank of England is invited to a group re-imagineering of the bank’s narrative.
Mervyn King would approve.