Chief financial officers 'filling more chief executive positions'

There is a growing tendency to fill chief executive positions at FTSE 100 companies with chief financial officers, according to a media report.

Last week, former chief financial officer David Nish was appointed as the chief executive of Standard Life, something that Times journalist Sean Farrell says is part of a growing trend.

Nearly one-third of FTSE 100 companies are now led by former chief financial officers, with the position now apparently a useful stepping stone on the way to the top jobs.

Standard Chartered chief executive Peter Sands, who was promoted to the position three years ago after working as a finance director at the company, said: "Being a chief financial officer means you have a very good grasp of the technical aspects of the business and I think a lot of businesses are increasingly technical."

Earlier this week, shortly after Mr Nish took up his role at Standard Life, his company announced it is to sell its banking arm to Barclays for £226 million.

Updated: 29 October 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.