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| Charlotte Hogg: Threadneedle Street's new face can bank on her connections | Charlotte Hogg: Threadneedle Street's new face can bank on her connections |
| (4 months later) | |
| Charlotte Hogg grew up in a grade-II-listed moated country house where evenings were spent debating Thatcherite privatisations, economic policy and even European agriculture with whichever leading member of the cabinet had popped round for supper. | Charlotte Hogg grew up in a grade-II-listed moated country house where evenings were spent debating Thatcherite privatisations, economic policy and even European agriculture with whichever leading member of the cabinet had popped round for supper. |
| Three decades or so later Hogg – variously a management consultant, investment banker, horsewoman and marathon-runner – has been named as the most powerful woman at the Bank of England. In the new role of chief operating officer, she will be in charge of everything from personnel to property, finance and security in Threadneedle Street. Friends say the 42-year-old was destined for greatness from birth, but say she inherited a "stunning intellect" along with her establishment surname. | Three decades or so later Hogg – variously a management consultant, investment banker, horsewoman and marathon-runner – has been named as the most powerful woman at the Bank of England. In the new role of chief operating officer, she will be in charge of everything from personnel to property, finance and security in Threadneedle Street. Friends say the 42-year-old was destined for greatness from birth, but say she inherited a "stunning intellect" along with her establishment surname. |
| Both Hogg's parents had leading roles in Sir John Major's government and both are now peers in the House of Lords in their own right. Her grandparents were also senior politicians – making the Hoggs one of Britain's most blue-blooded political dynasties. | Both Hogg's parents had leading roles in Sir John Major's government and both are now peers in the House of Lords in their own right. Her grandparents were also senior politicians – making the Hoggs one of Britain's most blue-blooded political dynasties. |
| "It was clearly a life of intense privilege," a friend of the family says. "You could not imagine two better-connected people than her parents. They are the ultimate power couple. But they can't have seen a lot of her growing up – they had intense political jobs running the country." | "It was clearly a life of intense privilege," a friend of the family says. "You could not imagine two better-connected people than her parents. They are the ultimate power couple. But they can't have seen a lot of her growing up – they had intense political jobs running the country." |
| Charlotte Hogg was eight when her father Douglas, now the third Viscount Hailsham, was elected to parliament as MP for Grantham, Lincolnshire. He went on to become a minister for trade and the Foreign Office and then in the cabinet as agriculture minister. He retired from parliament at the 2010 election, months after the expenses scandal revealed he had submitted a claim that included £2,200 for cleaning the moat at the family's Kettlethorpe Hall home, near Lincoln. | Charlotte Hogg was eight when her father Douglas, now the third Viscount Hailsham, was elected to parliament as MP for Grantham, Lincolnshire. He went on to become a minister for trade and the Foreign Office and then in the cabinet as agriculture minister. He retired from parliament at the 2010 election, months after the expenses scandal revealed he had submitted a claim that included £2,200 for cleaning the moat at the family's Kettlethorpe Hall home, near Lincoln. |
| Meanwhile Charlotte's mother, Sarah Hogg, was making waves in journalism, serving as economics editor for a series of national newspapers and as a presenter on Channel 4 News before being poached by Major to head his policy unit in 1990. On leaving that role she was granted a life peerage and now sits as a crossbencher in the Lords as Baroness Hogg of Kettlethorpe. She is also regarded as one of the most formidable and well-connected figures in the City. She broke ground for her daughter, and other businesswomen, by becoming the first woman to chair a FTSE 100 company, the private equity firm 3i, and has served on the boards of the BBC, P&O Cruises, P&O Princess and Eton College. | Meanwhile Charlotte's mother, Sarah Hogg, was making waves in journalism, serving as economics editor for a series of national newspapers and as a presenter on Channel 4 News before being poached by Major to head his policy unit in 1990. On leaving that role she was granted a life peerage and now sits as a crossbencher in the Lords as Baroness Hogg of Kettlethorpe. She is also regarded as one of the most formidable and well-connected figures in the City. She broke ground for her daughter, and other businesswomen, by becoming the first woman to chair a FTSE 100 company, the private equity firm 3i, and has served on the boards of the BBC, P&O Cruises, P&O Princess and Eton College. |
| While her parents ran hectic lives rushing between Kettlethorpe Hall and a large Victorian terrace in south London, Charlotte was sent to St Mary's catholic boarding school in Ascot, Berkshire – the same school her mother attended. | While her parents ran hectic lives rushing between Kettlethorpe Hall and a large Victorian terrace in south London, Charlotte was sent to St Mary's catholic boarding school in Ascot, Berkshire – the same school her mother attended. |
| She followed both her parents to Oxford, where she read economics and history at Hertford College. She won a prestigious Kennedy scholarship to Harvard in 1991 which brought her to the attention of Sir Mervyn King, the outgoing Bank governor. She joined the Bank as a graduate trainee, then switched first to management consultancy with McKinsey and then to investment banking with Morgan Stanley, spending more than a decade in New York and Washington. There she met her husband, management consultant Steve Sacks, and the couple married in 1999 at the parish church of St Peter and St Paul opposite the Hogg family home, which hosted the reception. | She followed both her parents to Oxford, where she read economics and history at Hertford College. She won a prestigious Kennedy scholarship to Harvard in 1991 which brought her to the attention of Sir Mervyn King, the outgoing Bank governor. She joined the Bank as a graduate trainee, then switched first to management consultancy with McKinsey and then to investment banking with Morgan Stanley, spending more than a decade in New York and Washington. There she met her husband, management consultant Steve Sacks, and the couple married in 1999 at the parish church of St Peter and St Paul opposite the Hogg family home, which hosted the reception. |
| The couple, who now have two children, own a cottage on the family estate where Hogg keeps horses, competing in high-profile eventing championships. | The couple, who now have two children, own a cottage on the family estate where Hogg keeps horses, competing in high-profile eventing championships. |
| Hogg and Sacks - who now serves on the board of the English National Ballet and is chairman of the English National Ballet School – spend most of their time at their £4m home in Fulham, but the couple also own a $1.7m (£1m), 1928 wood-panelled home near his parents' house in Maryland, just outside Washington DC. | Hogg and Sacks - who now serves on the board of the English National Ballet and is chairman of the English National Ballet School – spend most of their time at their £4m home in Fulham, but the couple also own a $1.7m (£1m), 1928 wood-panelled home near his parents' house in Maryland, just outside Washington DC. |
| The power couple appear as politically-connected in the US as the Hoggs are in the UK, and in 2009 visited the White House as a guest of Caroline Krass, Barack Obama's associate counsel for national security affairs. | The power couple appear as politically-connected in the US as the Hoggs are in the UK, and in 2009 visited the White House as a guest of Caroline Krass, Barack Obama's associate counsel for national security affairs. |
| Sir John Peace, a City grandee and chairman of Standard Chartered bank, said he was struck by Hogg's "very successful, very effective" rise through the ranks when he recruited her to be managing director of credit checking agency Experian in the UK and Ireland in 2008. | Sir John Peace, a City grandee and chairman of Standard Chartered bank, said he was struck by Hogg's "very successful, very effective" rise through the ranks when he recruited her to be managing director of credit checking agency Experian in the UK and Ireland in 2008. |
| "She is very much a team player," he says. "She's very good at organising people, and where necessary bringing about changes within the organisation to make sure the business can grow and continue to grow in the future. | "She is very much a team player," he says. "She's very good at organising people, and where necessary bringing about changes within the organisation to make sure the business can grow and continue to grow in the future. |
| "She was a very popular person right through the ranks, even when sometimes having to do difficult things." | "She was a very popular person right through the ranks, even when sometimes having to do difficult things." |
| Her skills with an axe are likely to come in handy at the Bank, as incoming boss Mark Carney has let it be known he wants her to play a central role in reshaping the organisation to make it more responsive. | Her skills with an axe are likely to come in handy at the Bank, as incoming boss Mark Carney has let it be known he wants her to play a central role in reshaping the organisation to make it more responsive. |
| A senior colleague and close friend says Hogg's experience meeting some of the country's most important leaders around the kitchen table at Kettlethorpe Hall mean she will be far from star-struck by working on Threadneedle Street and mixing with the world's central bankers. | A senior colleague and close friend says Hogg's experience meeting some of the country's most important leaders around the kitchen table at Kettlethorpe Hall mean she will be far from star-struck by working on Threadneedle Street and mixing with the world's central bankers. |
| "If you've grown up in that environment which is your natural area of comfort, you're unfazed by central bankers, and people in great authority. That in itself will be a benefit," he says. | "If you've grown up in that environment which is your natural area of comfort, you're unfazed by central bankers, and people in great authority. That in itself will be a benefit," he says. |
| Those family connections are everywhere. She was shortlisted for the Bank job by headhunting firm Odgers Berndtson, where Lady (Virginia) Bottomley runs the division handling appointments at CEO and board director level. Bottomley served in Major's cabinet while both of Hogg's parents were in the then prime minister's inner circle. | Those family connections are everywhere. She was shortlisted for the Bank job by headhunting firm Odgers Berndtson, where Lady (Virginia) Bottomley runs the division handling appointments at CEO and board director level. Bottomley served in Major's cabinet while both of Hogg's parents were in the then prime minister's inner circle. |
| Neither Odgers Berndtson nor Bottomley would comment on Hogg's selection for the Bank shortlist. A spokeswoman for the Bank said it was "not concerned about the selection process. Headhunters provide a list of candidates. The decision on who to employ was made by the Bank, and ultimately by Mark Carney himself". | Neither Odgers Berndtson nor Bottomley would comment on Hogg's selection for the Bank shortlist. A spokeswoman for the Bank said it was "not concerned about the selection process. Headhunters provide a list of candidates. The decision on who to employ was made by the Bank, and ultimately by Mark Carney himself". |
| But John Mann, a Labour MP who sits on the Treasury select committee, said Hogg's appointment showed the "same old boys and girls network" is still flourishing. "The problem of culture in banking is severely undermined by an unwillingness to bring in people from outside the same golden circle of friends and family." | But John Mann, a Labour MP who sits on the Treasury select committee, said Hogg's appointment showed the "same old boys and girls network" is still flourishing. "The problem of culture in banking is severely undermined by an unwillingness to bring in people from outside the same golden circle of friends and family." |
| Hogg, who quit Experian to head up Santander's British branch network and earned £2.5m last year – almost 10 times the amount she will collect from the Bank – has also built up her own nexus of power. | Hogg, who quit Experian to head up Santander's British branch network and earned £2.5m last year – almost 10 times the amount she will collect from the Bank – has also built up her own nexus of power. |
| When she ran a half marathon in aid of First Story – a childhood literacy charity she has supported since its foundation by Katie Waldegrave (daughter of Lord Waldegrave) and author William Fiennes (the youngest son of Nathaniel Fiennes, the 21st Baron Saye and Sele) – she secured donations from a host of City and establishment figures. Donors included Sir John Vickers and Visa Europe's chief executive Peter Ayliffe. | When she ran a half marathon in aid of First Story – a childhood literacy charity she has supported since its foundation by Katie Waldegrave (daughter of Lord Waldegrave) and author William Fiennes (the youngest son of Nathaniel Fiennes, the 21st Baron Saye and Sele) – she secured donations from a host of City and establishment figures. Donors included Sir John Vickers and Visa Europe's chief executive Peter Ayliffe. |
| Waldegrave says it wouldn't have been possible to start First Story without Hogg's "enormous wisdom, guidance and talent". | Waldegrave says it wouldn't have been possible to start First Story without Hogg's "enormous wisdom, guidance and talent". |
| "I personally felt immensely grateful to be supported and mentored by someone of her capability," she says. "She just has the most sound judgment of anyone I have ever met." | "I personally felt immensely grateful to be supported and mentored by someone of her capability," she says. "She just has the most sound judgment of anyone I have ever met." |
| Carney, who was a contemporary of Hogg at Oxford and Harvard but didn't meet her until her interview, will be counting on that judgment to sensitively-yet-radically shake up an institution whose stuffy image has little changed in its 319-year history. | Carney, who was a contemporary of Hogg at Oxford and Harvard but didn't meet her until her interview, will be counting on that judgment to sensitively-yet-radically shake up an institution whose stuffy image has little changed in its 319-year history. |
| Her appointment – making her the most senior female in the Bank's history – to chief operating officer running the day-to-day management functions of the Bank should also help pave the way for other senior female appointments. | Her appointment – making her the most senior female in the Bank's history – to chief operating officer running the day-to-day management functions of the Bank should also help pave the way for other senior female appointments. |
| A well-connected City figure and friend of Hogg's says: "She'll do very well at the Bank because it's such a peculiar place. She's bright, very energetic, great fun and extraordinarily competent. | A well-connected City figure and friend of Hogg's says: "She'll do very well at the Bank because it's such a peculiar place. She's bright, very energetic, great fun and extraordinarily competent. |
| "It is such a strange and odd institution. As someone who has worked there before she will understand the history, but together with Carney she will come up with ways to change that." | "It is such a strange and odd institution. As someone who has worked there before she will understand the history, but together with Carney she will come up with ways to change that." |
| Life in brief | Life in brief |
| Name Charlotte Hogg | Name Charlotte Hogg |
| Born London 26 August 1970 | Born London 26 August 1970 |
| Education St Mary's Roman Catholic boarding school, Ascot. Studied economics and history at Hertford College, Oxford. Won a Kennedy scholarship to Harvard. | Education St Mary's Roman Catholic boarding school, Ascot. Studied economics and history at Hertford College, Oxford. Won a Kennedy scholarship to Harvard. |
| Career to date Joined the Bank of England as a graduate trainee. Became principal at management consultant McKinsey. Managing director, Morgan Stanley. Managing director, Experian UK and Ireland. Head of retail operations, Santander. Starts as chief operating officer at the Bank of England next month, effectively No 2 to the new governor, Mark Carney. | Career to date Joined the Bank of England as a graduate trainee. Became principal at management consultant McKinsey. Managing director, Morgan Stanley. Managing director, Experian UK and Ireland. Head of retail operations, Santander. Starts as chief operating officer at the Bank of England next month, effectively No 2 to the new governor, Mark Carney. |
| High point Winning the Aston-le-Walls horse trials on On a Par in 2010; securing the acquisition of the Goldfish credit card for Morgan Stanley in 2006. | High point Winning the Aston-le-Walls horse trials on On a Par in 2010; securing the acquisition of the Goldfish credit card for Morgan Stanley in 2006. |
| What she says "You can have too much of a good thing in one family" (about not going into politics or law). | What she says "You can have too much of a good thing in one family" (about not going into politics or law). |
| What they say "It was clearly a life of intense privilege. You could not image two better-connected people than her parents. They are the ultimate power couple" – family friend | What they say "It was clearly a life of intense privilege. You could not image two better-connected people than her parents. They are the ultimate power couple" – family friend |
| "She is clearly an incredibly capable and intelligent woman, so this appointment is just deserts" – Dr Ruth Sealy, Cranfield School of Management | "She is clearly an incredibly capable and intelligent woman, so this appointment is just deserts" – Dr Ruth Sealy, Cranfield School of Management |
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