7th Jan 2016 18:32
LONDON (Alliance News) - Standard Chartered PLC late Thursday said Deputy Chief Executive Mike Rees has decided to retire at the end of 2016 following 26 years working for the international bank.
Rees will not seek re-election at the annual general meeting to be held in April and will leave the bank at the end of the year. In the meantime, he will continue to work with Chief Executive Bill Winters and Chief Financial Officer Andy Halford and contribute to a plan of action relating to the bank's future strategy, said Standard Chartered.
"Mike has made a major contribution to Standard Chartered over the past 26 years, and I would like to particularly thank Mike for his valuable support to the moard and the management team in shaping and executing on our new strategy," said Chairman John Peace.
Standard Chartered said Rees will be paid his normal salary and benefits until he leaves at the end of the year, but said it will "confer eligible leaver status" to allow Rees to retain any unexercised share awards.
When the bank received high demand for its USD5.10 billion rights issue back in December, Rees purchased 76,784 shares to up his total holding to 345,531 shares, representing a 0.01% stake.
Standard Chartered shares closed down 1.9% on Thursday at 505.80 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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