Big pay-off for StanChart money man

12 April 2012

BANKING group Standard Chartered has ousted its finance director, Nigel Kenny, 53, with a golden handshake of at least £546,000. Kenny, who is entitled to a year's salary, will also receive a bonus for his work so far this year. The amount has not been decided.

The pay-off comes just weeks after Standard paid £3.2m to former chief executive Rana Talwar. New chief executive Mervyn Davies is understood to have removed Kenny because he wanted to install his own team.

His replacement is Peter Sands, 40, from management consultancy McKinsey, the firm that spawned former CBI chief Adair Turner and ex-Tory leader William Hague. Standard, down 2p at 845p, is also hunting for a new chairman to replace Sir Patrick Gillam.

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