Glen Moreno | |
---|---|
Born |
California, United States | 24 July 1943
Nationality | American |
Alma mater |
Stanford University University of Delhi Harvard Law School |
Glen Richard Moreno (born 24 July 1943) [1] is an American businessman. Moreno has worked for several large companies in the United States and the United Kingdom, and worked as acting-chairman of UK Financial Investments Limited which manages the British government's bank shareholdings. He has been Chairman of Virgin Money UK since May 2015. [2]
Glen Moreno was born in California in 1943. [3] He graduated with a Bachelor of Arts degree from Stanford University in 1965 and was a Rotary Foundation Fellow at the University of Delhi in 1966. [3] He achieved a Juris Doctor from Harvard Law School in 1969. [3]
Moreno worked for 18 years at Citigroup in Europe and Asia, running the investment banking and trading divisions and becoming a group executive. [3] [4] Moreno is a director of Fidelity International, chairing its audit committee, and was their chief executive from 1987 to 1991. [3] He is said to be largely responsible for the rapid growth of Fidelity during that period. [5]
In October 2005 Moreno was appointed as Lord Stevenson's replacement as chairman of Pearson PLC, after a 5-month search. [3] [6] The shortlist included Charles Gibson Smith, the chairman of the London Stock Exchange. [6] Moreno's appointment came as something of a surprise to the business world as he was not widely known in the United Kingdom and he was described by The Guardian as an "unknown quantity". [4] [6] His salary at Pearson was £425,000 per year. [4] Moreno is also a senior independent director of Man Group plc, having been a non-executive director there since 1994, and persuaded the group to co-sponsor the Man Booker Prize for literature. [3] [6] He is also a governor of the Ditchley Foundation and a director of the Royal Academy of Dramatic Art. [3]
Moreno was appointed a non-executive director of UK Financial Investments Limited (UKFI), a company established by the British government to manage its shareholding in nationalised (and part-nationalised) banks. [7] He became the acting chairman of the company when Sir Philip Hampton became chairman of the Royal Bank of Scotland. [7] During this time Moreno stated that "at no point have I sought the role [of chairman] on a permanent basis". [7] He quit as acting chairman on 11 February 2009 after HM Treasury said that it would appoint a new permanent chairman. [8]
Moreno's period as chairman of UKFI was controversial because until April 2008 he had been a trustee of the Liechtenstein Global Trust (LGT), a private banking and investment group that has been at the centre of an international investigation into alleged tax evasion. [9] [10] Moreno had been appointed as a trustee of LGT in 1999, at the same time joining the parent body Prince of Liechtenstein Foundation. [10] Moreno sat on the LGT's development and compensation committee, which determined executive pay, and advised on investment strategy and policy. [10] Moreno was remunerated with a salary of Swiss Fr130,000 (£76,000) per year. [10] He has stated that he had no knowledge of the individual LGT clients. [10] Moreno's continued employment at the head of UKFI was criticised by the Conservative Party due to his links with LGT. [9] Further controversy erupted over Fidelity International's donations to the Conservative Party which have amounted to £495,000 since 1994. [9]
He was appointed as senior independent director of Lloyds Banking Group in February 2010, and Deputy Chairman of the Financial Reporting Council in November 2010. [11]
Moreno's wife, sister, mother, and niece are all teachers and he splits his time between his London home and a cattle farm in Virginia, United States. [6] [9]
Glen Moreno | |
---|---|
Born |
California, United States | 24 July 1943
Nationality | American |
Alma mater |
Stanford University University of Delhi Harvard Law School |
Glen Richard Moreno (born 24 July 1943) [1] is an American businessman. Moreno has worked for several large companies in the United States and the United Kingdom, and worked as acting-chairman of UK Financial Investments Limited which manages the British government's bank shareholdings. He has been Chairman of Virgin Money UK since May 2015. [2]
Glen Moreno was born in California in 1943. [3] He graduated with a Bachelor of Arts degree from Stanford University in 1965 and was a Rotary Foundation Fellow at the University of Delhi in 1966. [3] He achieved a Juris Doctor from Harvard Law School in 1969. [3]
Moreno worked for 18 years at Citigroup in Europe and Asia, running the investment banking and trading divisions and becoming a group executive. [3] [4] Moreno is a director of Fidelity International, chairing its audit committee, and was their chief executive from 1987 to 1991. [3] He is said to be largely responsible for the rapid growth of Fidelity during that period. [5]
In October 2005 Moreno was appointed as Lord Stevenson's replacement as chairman of Pearson PLC, after a 5-month search. [3] [6] The shortlist included Charles Gibson Smith, the chairman of the London Stock Exchange. [6] Moreno's appointment came as something of a surprise to the business world as he was not widely known in the United Kingdom and he was described by The Guardian as an "unknown quantity". [4] [6] His salary at Pearson was £425,000 per year. [4] Moreno is also a senior independent director of Man Group plc, having been a non-executive director there since 1994, and persuaded the group to co-sponsor the Man Booker Prize for literature. [3] [6] He is also a governor of the Ditchley Foundation and a director of the Royal Academy of Dramatic Art. [3]
Moreno was appointed a non-executive director of UK Financial Investments Limited (UKFI), a company established by the British government to manage its shareholding in nationalised (and part-nationalised) banks. [7] He became the acting chairman of the company when Sir Philip Hampton became chairman of the Royal Bank of Scotland. [7] During this time Moreno stated that "at no point have I sought the role [of chairman] on a permanent basis". [7] He quit as acting chairman on 11 February 2009 after HM Treasury said that it would appoint a new permanent chairman. [8]
Moreno's period as chairman of UKFI was controversial because until April 2008 he had been a trustee of the Liechtenstein Global Trust (LGT), a private banking and investment group that has been at the centre of an international investigation into alleged tax evasion. [9] [10] Moreno had been appointed as a trustee of LGT in 1999, at the same time joining the parent body Prince of Liechtenstein Foundation. [10] Moreno sat on the LGT's development and compensation committee, which determined executive pay, and advised on investment strategy and policy. [10] Moreno was remunerated with a salary of Swiss Fr130,000 (£76,000) per year. [10] He has stated that he had no knowledge of the individual LGT clients. [10] Moreno's continued employment at the head of UKFI was criticised by the Conservative Party due to his links with LGT. [9] Further controversy erupted over Fidelity International's donations to the Conservative Party which have amounted to £495,000 since 1994. [9]
He was appointed as senior independent director of Lloyds Banking Group in February 2010, and Deputy Chairman of the Financial Reporting Council in November 2010. [11]
Moreno's wife, sister, mother, and niece are all teachers and he splits his time between his London home and a cattle farm in Virginia, United States. [6] [9]