Bank of England Governor-designate Mark Carney appointed Charlotte Hogg as chief operating officer and the central bank’s most senior female employee, in a move reshaping the institution even before he begins work on July 1.
Hogg, head of retail distribution and intermediaries executive at Banco Santander SA’s British business, will lead daily management of BOE functions including human resources, finance, property, information technology and security, according to an e-mailed statement from the London-based BOE. The 42-year-old began her career at the central bank in 1992.
The COO position is a new role at the level of deputy governor and was created to assist the governor in managing the Bank of England, which has now expanded to encompass parts of the former Financial Services Authority. The appointment marks a further change in the BOE’s leadership as Carney replaces Mervyn King and Deputy Governor Paul Tucker prepares to exit this year.
“My tenure at the bank will oversee a significant transition,” Carney said. “Charlotte brings an outstanding track record and breadth of experience that will help to catalyze that change and I look forward to working closely with her to realize the full potential of the new institutional structure of the bank.”
Hogg will begin work on July 1, the same day as Carney, and one of her first tasks will be to help appoint a finance director. The central bank advertised for that position, which reports to the COO, in the Sunday Times on June 16.
The Bank of England hasn’t had a woman on its rate-setting panel since Kate Barker left in 2010. Most of its top managers are men. Among other high-ranking female managers are Human Resources Executive Director Catherine Brown, Gill Hammond, director of the bank’s Centre for Central Banking Studies, and Victoria Saporta, in charge of prudential policy.
King already sought to redress the gender balance last year with the appointment of Lea Paterson, a former economics editor at the Times newspaper, to be the most senior female monetary policy official. She took charge of the division which produces the bank’s quarterly report for economic forecasts.