F&C adds two heavyweights to its board
ASSET manager F&C has added a former PricewaterhouseCoopers (PwC) chairman and a former chief executive of rival Henderson to its board, in a bold reshuffle ahead of its shift to corporate independence.
The group, currently being demerged from life insurer Friends Provident, named ex-Henderson chief executive Roger Yates as a non-executive director.
He will be joined by Kieran Poynter, who last year retired from PwC after 37 years at the accountancy, including eight years as its chairman
The duo will join recently-recuited chairman Nick MacAndrew, who spent 30 years at FTSE 100 giant Schroders, and respected chief executive Alain Grisay.
Shares of F&C added over ten per cent to 88.25p at close of play yesterday, as investors were reassured by the new additions.
Poynter will sit on the Audit and Compliance Committee. He was the second highest-paid accountant in the country towards the end of his PwC tenure with a £3m package, trumped only by Deloitte boss John Connolly’s eye-watering £4.6m packet.
The 59-year old Chelsea supporter led the merger in 1998 of Price Waterhouse and Coopers & Lybrand to create PwC, the world’s largest accountancy firm.
Yates, who recently went on sabbatical after almost ten years as boss of rival asset manager Hendersons, will take a seat on F&C’s Remuneration Committee when he joins the board.
Poynter will continue as a director at the Royal Automobile Club and Yates will remain a non-executive director at spread betting firm IG Group.