26th Jan 2015 06:24
LONDON (Alliance News) - Standard Chartered PLC is to step up its search to find a replacement for Chief Executive Peter Sands after its two largest investors said a succession plan must be put in place so that he can depart by the end of the year, the Sunday Telegraph reported.
According to the report, it is understood that Temasek and Aberdeen Asset Management have in recent weeks separately told the emerging markets bank that a successor to Sands must be found within months.
Temasek holds a 17.73% stake in Standard Chartered, while Aberdeen's shareholding amounts to about 8%.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11367942/Investors-urge-Standard-Chartered-to-replace-boss.html
The Financial Times also reported on the development, adding that Standard Chartered has hired headhunters Egon Zehnder to conduct the search.
According to the FT report, which cited people close to the situation, the bank is expected to make an announcement about the succession plan as soon as next month, but could wait until reporting annual results on March 4.
http://www.ft.com/cms/s/0/4ae62926-a4bd-11e4-8959-00144feab7de.html#axzz3PsINFokF
By Samuel Agini; [email protected]; @samuelagini
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