Glen Moreno

Last updated
Glen Moreno
Glen Moreno.jpg
Moreno at Financial Times Summer Party in 2011
Born (1943-07-24) 24 July 1943 (age 82)
California, United States
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]

Contents

Early life

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]

Career

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]

Personal life

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]

References

  1. ↑ https://beta.companieshouse.gov.uk/company/03087587/filing-history (see page 13 of 09 Sep 2015 entry)
  2. ↑ Keighley, Tom (2015-05-21). "Glen Moreno takes up chairman seat at Virgin Money". journallive. Archived from the original on 2017-09-29. Retrieved 2017-09-28.
  3. 1 2 3 4 5 6 7 8 "Glen Moreno". University of the West of England . Retrieved 3 March 2010.
  4. 1 2 3 Milmo, Dan (30 July 2005). "Pearson puts Fidelity man in the chair". The Guardian . Retrieved 3 March 2010.
  5. ↑ Sturcke, James (13 February 2009). "Glen Moreno: Financier who changed sides". The Guardian. Retrieved 9 March 2010.
  6. 1 2 3 4 5 Kane, Frank (31 July 2005). "Pearson gets its man, but who is he?". The Observer . Retrieved 3 March 2010.
  7. 1 2 3 Treanor, Jill (12 February 2009). "Another banker leaves government post". The Guardian. Retrieved 9 March 2010.
  8. ↑ Porter, Andrew (13 February 2009). "Gordon Brown loses second banking advisor as Glen Moreno quits". The Telegraph. Retrieved 10 March 2010.
  9. 1 2 3 4 Judge, Elizabeth (11 February 2009). "Business big shot: Glen Moreno". The Times. Archived from the original on July 1, 2009. Retrieved 9 March 2010.
  10. 1 2 3 4 5 Oliver, Jonathon (8 February 2009). "Gordon Brown's bank boss Glen Moreno had links to tax cheats". The Times. Archived from the original on June 2, 2010. Retrieved 9 March 2010.
  11. ↑ FRC Board Archived June 23, 2011, at the Wayback Machine , Financial Reporting Council. Retrieved 28 April 2011.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.