1st Apr 2015 08:32
LONDON (Alliance News) - Standard Chartered PLC on Wednesday announced a series of further management changes, coming in the wake of the its announcement in February of the departures of Chairman John Peace and Chief Executive Peter Sands.
The FTSE 100-listed emerging markets bank said Group Executive Director Viswanathan Shankar has resigned from his position to pursue other interests. Shankar, who is the chief executive of the bank's Europe, Middle East, Africa and Americas business, has been with Standard Chartered for 13 years.
As a result of his departure, the board of Standard Chartered will, from May 1, comprise three executive directors, comprising its chief executive, deputy chief executive and finance director. Shankar's departure is also in line with the bank's intention to reduce the overall size of its board to 14 directors in due course.
Elsewhere, the bank said Jonathan Paul has been appointed as group head of financial markets, while Sumit Dayal has been appointed group head of corporate finance. Paul is a veteran of Goldman Sachs, Deutsche Bank and Salomon Brothers and most recently has been working in consulting roles with several asset management firms, the bank said. Dayal moves from his role of global head of leveraged finance and equity capital markets.
Dayal replaces Mark Dowie, who will become vice-chairman of clients and products. The bank also said Michael Gorriz has been appointed chief information officer. He is the former chief information officer of German car company Daimler AG.
The bank said the appointment of a new chief risk officer is progressing, following Richard Goulding's decision to retire.
The shake-up comes after the bank decided to replace long-time chief executive Peter Sands with former JPMorgan Chase & Co executive Bill Winters. Winters is set to take over in May. Sands' departure came amid mounting pressure for a change of leadership at the bank after a decade worth of profit increase came to an end in 2013.
John Peace will leave his role as chairman in 2016, ensuring a smooth transition for Winters.
Standard Chartered shares were up 0.2% to 1,095.5 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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