Photo via Standard Chartered Bank
Naguib Kheraj, the Standard Chartered deputy chair, has been appointed by Rothesay Life as its new chairman, announced the life insurer today. The announcement is part of a shake-up at the top after Goldman Sachs’ sale of its stake in 2017.
The new chair is a former group chief finance officer at Barclays. He is set to succeed Ray King, who wanted to commit less time to the business. King will continue to be on the board serving as a non-executive director.
Dermot McDonogh will resign from the board, after Goldman Sachs, his employer, sold its final stake last August. The Wall Street giant let go of a 32.7 percent stake to investors including Blackstone, the US private equity firm, and the sovereign wealth fund of Singapore, in a deal which assessed Rothesay Life at £2bn.
Glenn Earle is set to also leave the board due to other time commitments.
McDonogh and Earle are set to be replaced by Stan Beckers and Terry Miller, who have joined the board of the company as independent non-executive directors.
Kheraj started his career at Salomon Brothers way back in 1986, after which he held senior positions at Robert Fleming. He also served as the chief executive of the wealth manager JP Morgan Cazenove.
Kheraj has also worked as a non-executive director at NHS England. He was also a senior adviser to HM Revenue and Customs and the Financial Services Authority, the now-defunct City regulator.