26th Feb 2015 08:36
LONDON (Alliance News) - Peter Sands is to make his long anticipated exit as chief executive of Standard Chartered PLC this summer, with the emerging markets bank Thursday appointing the former co-chief executive of JPMorgan Chase & Co's investment bank to succeed him.
While Standard Chartered emerged from the financial crisis of 2007-09 relatively unscathed, pressure has been mounting on Sands and Chairman John Peace amid concern in the financial community about impairments and their suitability to lead a recovery after the bank reported an end to ten years of profit growth last year.
The bank said Peace also intends to stand down during the course of 2016.
In a statement, Standard Chartered said that Bill Winters is to join the group at the beginning of May, before taking up the role of chief executive in June when Sands will step down.
Sands' departure is taking place along with a broader shake-up that will reduce the size of the board to 14 directors from 19 at present.
Jaspal Bindra, group executive director, is stepping down from the board at the end of April, while independent directors Ruth Markland and Paul Skinner will also leave by the end of this year. Independent director Oliver Stocken will step down at the end of February.
It has appointed two new non-executive directors: Gay Evans and Jasmine Whitbread.
Standard Chartered shares were up 3% to 954.4 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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