Let's make sure we've got that right. Catechism:
His other jobs outside politics include non-executive director of ASDA Group, director at Salomon Brothers, and managing director of Morgan Stanley & Co.
Now here's a wrinkle – there is no managing director of Morgan Stanley.
Q What was Francis Maude's job at Morgan Stanley?
A He was managing director.
Q Who was managing director of Morgan Stanley?
A Francis Maude was.
Q Where was Francis Maude managing director?
A Morgan Stanley.
There might be a CEO or a COO but not a managing director, Americans don't have them, they don't figure in the corporate governance taxonomy.
Managing Director is a title they give, at least in investment banks, to the staff allowed to meet clients, it looks good on the business card, trumps the British usage of mere Director and opens doors at some of the more unwary prospective clients but it emphatically does not mean that the bearer has anything whatever to do with managing or directing the bank. Far too junior for that.
Managing Director is quite a common title, as the Wall Street Journal told us on 27 January 2011:
Any doubt about this, just ask Jeremy Heywood, our Cabinet Secretary-"elect" – according to the Annual Report and Accounts 2010-11 for the Cabinet Office, p.63, he was there, too, at Morgan Stanley, and he was just a managing director.
Morgan Stanley Names Fresh Class of Managing Directors
Morgan Stanley has appointed 232 managing directors, the highest total for the investment bank since 2007.
Morgan Stanley announced the list Thursday, a week after it posted a 35% increase in fourth-quarter profit amid revenue growth across its wealth-management, asset-management, and investment-banking businesses. The firm named 212 managing directors in December 2009, 133 for 2008 and 241 in 2007.
There's something of a pattern emerging. Do they have a problem round at the Cabinet Office, telling the truth and behaving responsibly? Something in the water perhaps?