Glen Moreno
| Glen Moreno | |
|---|---|
 Glen Moreno at Financial Times Summer Party 2011 | |
| Born |
1943 California, United States |
| Nationality | American |
| Alma mater |
Stanford University Delhi University Harvard Law School |
Glen Moreno (born 1943) is an American businessman. Moreno has worked for several large companies in the United States and the United Kingdom and most recently worked as acting-chairman of UK Financial Investments Limited which manages the British government's bank shareholdings.
Early life
Glen Moreno was born in California in 1943.[1] He graduated with a Bachelor of Arts degree from Stanford University in 1965 and was a Rotary Foundation Fellow at Delhi University in 1966.[1] He achieved a Juris Doctorate from Harvard Law School in 1969.[1]
Career
Moreno worked for 18 years at Citigroup in Europe and Asia, running the investment banking and trading divisions and becoming a group executive.[1][2] Moreno is a director of Fidelity International, chairing its audit committee, and was their chief executive from 1987 to 1991.[1] He is said to be largely responsible for the rapid growth of Fidelity during that period.[3]
In October 2005 Moreno was appointed as Lord Stevenson's replacement as chairman of Pearson PLC, after a 5 month search.[1][4] The shortlist included Charles Gibson Smith, the chairman of the London Stock Exchange.[4] 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".[2][4] His salary at Pearson was £425,000 per year.[2] 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.[1][4] He is also a governor of the Ditchley Foundation and a director of the Royal Academy of Dramatic Art.[1]
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.[5] He became the acting chairman of the company when Sir Philip Hampton became chairman of the Royal Bank of Scotland.[5] During this time Moreno stated that "at no point have I sought the role [of chairman] on a permanent basis".[5] He quit as acting chairman on 11 February 2009 after HM Treasury said that it would appoint a new permanent chairman.[6]
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.[7][8] Moreno had been appointed as a trustee of LGT in 1999, at the same time joining the parent body Prince of Liechtenstein Foundation.[8] Moreno sat on the LGT's development and compensation committee, which determined executive pay, and advised on investment strategy and policy.[8] Moreno was renumerated with a salary of Swiss Fr130,000 (£76,000) per year.[8] He has stated that he had no knowledge of the individual LGT clients.[8] Moreno's continued employment at the head of UKFI was criticised by the Conservative Party due to his links with LGT.[7] Further controversy erupted over Fidelity International's donations to the Conservative Party which have amounted to £495,000 since 1994.[7]
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.[9]
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.[4][7]
References
- 1 2 3 4 5 6 7 8 "Glen Moreno". University of the West of England. Retrieved 3 March 2010.
- 1 2 3 Milmo, Dan (30 July 2005). "Pearson puts Fidelity man in the chair". The Guardian. Retrieved 3 March 2010.
- ↑ Sturcke, James (13 February 2009). "Glen Moreno: Financier who changed sides". The Guardian. Retrieved 9 March 2010.
- 1 2 3 4 5 Kane, Frank (31 July 2005). "Pearson gets its man, but who is he?". The Observer. Retrieved 3 March 2010.
- 1 2 3 Treanor, Jill (12 February 2009). "Another banker leaves government post". The Guardian. Retrieved 9 March 2010.
- ↑ Porter, Andrew (13 February 2009). "Gordon Brown loses second banking advisor as Glen Moreno quits". The Telegraph. Retrieved 10 March 2010.
- 1 2 3 4 Judge, Elizabeth (11 February 2009). "Business big shot: Glen Moreno". The Times. Retrieved 9 March 2010.
- 1 2 3 4 5 Oliver, Jonathon (8 February 2009). "Gordon Brown’s bank boss Glen Moreno had links to tax cheats". The Times. Retrieved 9 March 2010.
- ↑ FRC Board, Financial Reporting Council. Retrieved 28 April 2011.
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