Peter Sands (banker)

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Peter Sands
Peter Sands - World Economic Forum on East Asia 2009.jpg
Peter Sands at the World Economic Forum on East Asia 2009, Seoul, Republic of Korea[1]
Born
Peter Alexander Sands [2]

(1962-01-08) 8 January 1962 (age 56)[3]
ResidenceLondon, England
NationalityBritish
EducationBA, (Economics & Management),
MPA[4]
Alma materBrasenose College, Oxford University
Kennedy School of Government, Harvard University
OccupationBanker
Years active2002–Present
TitleExecutive Director, Global Fund
Term(start date to be confirmed)
Board member ofStandard Chartered Bank PLC
Institute of International Finance
Department of Health(UK)
Global Business Coalition on HIV/AIDS, Tuberculosis and Malaria
Spouse(s)Betsy Tobin
ChildrenFour

Peter Alexander Sands (born 8 January 1962)[3][5] is a British banker, and the executive director of the Global Fund to fight AIDS, Tuberculosis and Malaria. He was the chief executive (CEO) of Standard Chartered from November 2006 to June 2015.[6]

Early life and education[edit]

Peter Sands was born in the UK on 8 January 1962 to British parents who had themselves been born in Asia. His father, was born in Malaya, a British colony until 1957, where his grandfather ran rubber plantations for the London Asiatic Rubber and Produce Co and his mother was born in India, another former British colonial outpost.[7]

Sands was taken to Malaysia as a baby and spent much of his life outside Britain, mostly in Malaysia and Singapore. He was educated at Crown Woods Comprehensive School in London, and the United World College of the Pacific in British Columbia, Canada before he went to Oxford.[6]

Sands graduated with a BA degree from Brasenose College at Oxford in 1984. He started as a trainee at UK's Foreign and Commonwealth Office,[8] which he left to take a Harkness Fellowship at Harvard University to earn a master’s degree in public administration from Kennedy School of Government.[5][8]

Career[edit]

McKinsey, 1988–2002[edit]

In 1988, Sands started his career as a consultant for the management consulting firm, McKinsey in its London office.[5][6] He held positions of increasing responsibilities in the firm, and in 1996 he became a partner, and later in 2000 rose to position of a director.[5]

Standard Chartered, 2002–2015[edit]

In 2002, Standard Chartered PLC,[9] a client of McKinsey, hired Sands as its Group Finance Director.[5] Four years later in 2006, he was chosen as its Group Chief Executive Officer.[5]

Between 2002 and 2008, the headcount of Standard Chartered nearly doubled to 70,000[6][8] and by 2009, more than 90% of its profits came from fast-growing emerging markets mainly in Asia. Standard Chartered had weathered the economic downturn far better than most of its competitors and announced its seventh successive year of record profits in 2009.[10] The British bank rescue plan, which was copied around the world, was based on a blueprint devised by Sands.[11] Standard Chartered itself did not take "any taxpayer money or used any central bank liquidity schemes".[12]

Also during his time at the bank, Sands was harshly criticized after Standard Chartered paid New York State $340 million in 2012 to settle claims it laundered money for Iran.[13][14]

In February 2015, amidst growing shareholder calls for his resignation,[15] Sands announced that he would be stepping down as CEO, effective June 2015. At the time of the announcement, the Wall Street Journal noted that Sands, having served at the helm of Standard Chartered for nine years, was among the "longest-serving chiefs of a major Western bank."[16] On 26 February 2015, it was announced that his successor would be Bill Winters, former co-CEO of JP Morgan's investment banking business.[17]

After leaving Standard Chartered, Sands was a senior fellow at the Mossavar-Rahmani Center for Business and Government of the Harvard John F. Kennedy School of Government and became the lead non-executive board member of the Department of Health in the United Kingdom.[citation needed] He also chaired the International Commission on a Global Health Risk Framework for the Future under the auspices of the National Academy of Medicine.[citation needed]

Global Fund to Fight AIDS, Tuberculosis and Malaria, 2017-current[edit]

In 2017, Sands was one of the candidates to succeed Mark Dybul as executive director of the Global Fund to Fight AIDS, Tuberculosis and Malaria (GFATM). He withdrew his candidacy for personal reasons just three days before the selection committee meeting;[18] shortly after, he asked the committee to reinstate his candidacy.[19]

In November 2017, Sands was appointed to lead the GFATM and started in the role in early 2018.[20]

Other activities[edit]

Sands has served on various boards and commissions, including as:

The British government appointed Sands in 2009 to the Independent Review of Higher Education Funding and Student Finance[23] and he served as a board member of the Global Business Coalition on HIV/AIDS, Tuberculosis and Malaria (GBC)[24]

Sands was a member of the British Good Work Commission, which is tasked to examine the major challenges of work in the 21st century and redefine the notion of good work – work that is rewarding for business, society and individuals.[25][26]

Personal life[edit]

Sands is married to the writer Betsy Tobin, and they have four children.[8] They live in Highbury in north London, and have a second home in Monmouthshire.[27]

References[edit]

  1. ^ Co-Chair | World Economic Forum on East Asia 2009, Seoul, Republic of Korea, 18–19 June 2009. Weforum.org (19 June 2009). Retrieved on 28 September 2013.
  2. ^ Bloomberg Businessweek Executive Profile -Peter Alexander Sands. Investing.businessweek.com. Retrieved on 28 September 2013.
  3. ^ a b Risk of protectionism growing. Korea Times. Retrieved on 28 September 2013.
  4. ^ Seoul G20 Summit Convener Profile- Peter Sands[dead link]
  5. ^ a b c d e f Standard Chartered Bank. "Key People". Archived from the original on 20 February 2012. Retrieved 2010-07-10.
  6. ^ a b c d "UWC alumni, Peter Sands". uwc.org.
  7. ^ Treanor, Jill (4 March 2010). "Standard Chartered boss says banks should be allowed to fail – it improves discipline". The Guardian. London. Retrieved 12 January 2012.
  8. ^ a b c d Andrew Davidson (30 September 2008). "Peter Sands: The banker who's still smiling". The Sunday Times. Retrieved 2012-07-15.
  9. ^ Peter Alexander Sands works at STANDARD CHARTERED PLC since 14 May 2002 currently as a Director - http://www.cbetta.com/director/peter-alexander-sands
  10. ^ Lucy Farndon; Daily Mail (2010-03-04). "Focus: Sands steers Standard on steady course". thisismoney. Retrieved 10 July 2010.
  11. ^ Katherine Griffiths (2008-10-15). "Standard Chartered chief Peter Sands was quiet architect of Britain's bank rescue". The Telegraph. Retrieved 2010-07-10.
  12. ^ Jill Treanor; Julia Kollewe (2010-03-03). "Standard Chartered chief donates £2.1m bonus to charity". The Guardian. Retrieved 2010-07-10.
  13. ^ Donald G. McNeil Jr. (November 14, 2017), Peter Sands Named Head of Global Disease-Fighting Agency New York Times.
  14. ^ Jessica Silver-Greenberg (August 14, 2012), British Bank in $340 Million Settlement for Laundering New York Times.
  15. ^ Martin Arnold; John Aglionby; Emma Dunkley (2015-02-26). "StanChart appoints Bill Winters as chief executive". The Financial Times. Retrieved 2015-02-26.
  16. ^ Margot Patrick (2015-02-26). "Standard Chartered CEO Peter Sands Resigns After Unrest at Bank". The Wall Street Journal. Retrieved 2015-02-26.
  17. ^ Kollewe, Julia (26 February 2015). "Bill Winters: banker not afraid to bare his chest takes reins at Standard Chartered". The Guardian. Retrieved 26 February 2015.
  18. ^ Jenny Lei Ravelo (November 11, 2017), Exclusive: Peter Sands withdraws Global Fund candidacy Devex.
  19. ^ Jenny Lei Ravelo (November 13, 2017), Exclusive: Peter Sands reverses decision on Global Fund race withdrawal Devex.
  20. ^ Jr, Donald G. McNeil (14 November 2017). "Peter Sands Named Head of Global Disease-Fighting Agency". Retrieved 15 November 2017 – via www.nytimes.com.
  21. ^ Members International Gender Champions (IGC).
  22. ^ IIF. "Board of Director – Institute of International Finance". Retrieved 2010-07-10.
  23. ^ Independent Review of Higher Education Funding and Student Finance. "Members' biographies". Archived from the original on 12 November 2009. Retrieved 10 July 2010.
  24. ^ Global Business Coalition on HIV/AIDS, Tuberculosis, and Malaria. "Leadership". Retrieved 2010-07-10.
  25. ^ The Work Foundation. "The Good Work Commission". Archived from the original on 2010-12-16. Retrieved 2010-07-10.
  26. ^ Brian Groom (2010-06-28). "Employees feel strain of rise in work intensity". Financial Times. Retrieved 2010-07-10.
  27. ^ "Why my top banker husband gave his £2m bonus to charity". standard.co.uk. Retrieved 15 November 2017.