The COO role is a new one for the bank and it's creation (in the bank's own words) reflects the recent increase in the Bank’s front-line functions. Hogg will have responsibility for all aspects of the day-to-day management of the bank, including HR, finance, property, IT and security. She will have "status and remuneration equivalent to the three Deputy Governors".
Outgoing governor Sir Mervyn King said:
I am delighted that Charlotte Hogg has accepted the invitation to become the Bank’s first Chief Operating Officer, a position that we have been designing over the past two years in response to the Bank’s new responsibilities. I have followed Charlotte’s highly successful career with great interest since her time as a Kennedy Scholar. She is an important addition to the Bank’s new team.
Incoming governor Mark Carney, who made the appointment, said:
I am delighted that Charlotte will be part of the senior team at the Bank. My tenure at the Bank will oversee a significant transition. Charlotte brings an outstanding track record and breadth of experience that will help to catalyse that change and I look forward to working closely with her to realise the full potential of the new institutional structure of the Bank.
Hogg has a long career in financial services, starting her career in the Bank of England, before going to work for McKinsey and Morgan Stanley. She ran a credit card company spun out of Morgan Stanley called Goldfish, and was head of retail distribution and intermediaries at Experian before taking the job at Santander.
Hogg is also the daughter of former Tory MP Douglas Hogg (you may remember him as the MP who claimed over £2,000 to have his moat cleaned in 2009) and journalist and economist Baroness (Sarah) Hogg, and the granddaughter of former Lord chancellor Lord Hailsham.