Standard Chartered, a leading multinational banking service provider has announced the appointment of new member to its Board of Directors. As per statement released by the firm, it has appointed Mr. Phil Rivett to its Board of Director in the role of Non-Executive Director. Mr. Rivett will take on his new role as member of board from 6th May 2020 and will also join as a part of bank’s audit and risk committee at the same time. Mr. Rivett will be replacing Mr. Louis Cheung as non-executive director at the board as Mr. Cheung has decided to step down from the role as of 25th March 2020. Louis will completely terminate all his ties with the bank when he retires from his role as member of board latter this month ending his seven year long term with the firm.
However, the statement failed to mention the reason for Mr. Cheung’s sudden departure from the firm and information on his future endevours. The incoming member of board who joins the firm latter this year is a veteran with more than four decades of experience in financial service industry. Phil spent the majority of his multi-decade long career serving in numerous senior level leadership and managerial roles at Pricewaterhouse Coopers – one of big four global accounting firms. Post parting ways with PWC back in July of 2018 he joined Nationwide Building Society where he is currently serving in the role of non-executive director. For his renumeration for role as independent non-executive director, Phil will receive a fee of 105,000 GBP per annum and an additional 35,000 GBP for his role as member of audit and board risk committee.
Commenting on Phil’s addition to board of directors, Jose Vinals – Group Chairman said, “Phil has more than 40 years of professional accountancy and audit experience specifically focused in the financial services sector. He has a significant understanding of the risk factors affecting the global financial services industry and has an in-depth understanding of the regulatory landscape as well as experience of operating across many of our markets. I am delighted to welcome Phil to Standard Chartered and look forward to his contribution in our Board and Committee discussions”. He also thanked Mr. Cheung for his service as member of board stating, “On behalf of the Board I would like to thank Louis Cheung for his important contributions to the Group over the past seven years, as well as his considerable insights into Asia, particularly Hong Kong. We wish Louis Cheung all the very best for the future”.
