Months after his ouster as chief executive officer of Standard Chartered Plc, Peter Sands is setting up a bookstore in the same district as London’s Arsenal soccer stadium.
The former CEO, 53, registered Log Off Bookshop Ltd. at Companies House on June 4, days before he left Britain’s fifth largest bank. He’s a director of the firm and shareholder, alongside his wife Betsy Tobin, an author, and Tessa Shaw, a London-based artist, filings show.
Sands will be a silent partner in the venture and “will not be working behind the till,” Tobin, who has won awards for her work including the novel ‘Bone House’, said by e-mail on Friday.
Log Off Bookshop is registered to an address in north London’s Highbury district, home to writers such as Nick Hornby. The address, formerly occupied by a real estate agent, was empty when visited by Bloomberg News on Thursday.
Tobin said the name of the book store itself hasn’t yet been decided, and she hasn’t yet secured premises.
Real estate agent Copping Joyce listed the annual rent for the address given for Log Off Bookshop at 17,500 pounds ($27,000) and describes the area as “renowned for its independently owned stores.” It’s also a short walk from the former CEO’s home and a stone’s throw from the Emirates Stadium, where Arsenal Football Club, the Premier League club Sands supports, play most weekends.
Sands was replaced by Bill Winters, 53, a former co-head of JPMorgan Chase & Co.’s investment bank, on June 10 after failing to reverse two years of declining earnings and a slump in shares. He was among the longest serving bank chief executives in Europe prior to his departure amid pressure from shareholders to improve returns.
He is now a senior fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School of Government, and chairman of the International Commission on Global Health Risk Framework Initiative, a project at the U.S. National Academy of Medicine established to counter global health pandemics.