Lowth left ScottishPower in May 2007 after its takeover by Spain’s Iberdrola. He became finance director at pharmaceutical giant AstraZeneca four months later.
Lowth, an alumni of the notoriously secretive McKinsey & Company management consultancy, will become a non-executive at the bank from May 1.
Also joining the board as non-executives are former South Korean prime minister Han Seung-Soo and former NatWest finance director Richard Delbridge who stepped aside after its takeover by Royal Bank of Scotland in 2000.
Among other changes, Rudy Markham, who has been on the board for eight years and sits on AstraZeneca’s board with Lowth, has been confirmed as senior independent director.
Jaspal Bindra, chief executive officer for Asia, will join the board in January.
Gareth Bullock, who oversees Africa, Middle East, Europe and the Americas will stand down by the time of its annual shareholder meeting in May.
In 2005, Lowth emerged as a lieutenant to then-chief executive Ian Russell during a boardroom cull that cost ScottishPower stalwart Charles Berry and David Nish their positions. Nish restarted his climb up the corporate ladder at insurer Standard Life where he will succeed Sir Sandy Crombie as chief executive on January 1.
John Peace, chairman of Standard Chartered, said: “We are adding significant financial and banking experience to the board as well as increasing its diversity to include members with special insight from our key Asian markets.”
The bank has also rejigged responsibilities to bring it into line with recommendations from Sir David Walker, who conducted a review of the banking sector in the wake of the financial crisis.
In the first half of next year, the board will create a separate risk committee. It will be chaired by non-executive director Jamie Dundas.
Richard Goulding, chief risk officer, will report to both finance director Richard Meddings and the risk committee.
The bank is also beefing up the remit of its existing sustainability and responsibility.
Peace said: “Strong corporate governance is essential for delivering sustainable shareholder value. I am pleased to say that these changes are in line with the Walker Report recommendations and the proposed updates to the Combined Code.”
