20th Nov 2006 09:42
Standard Chartered PLC20 November 2006 Stock Exchange Announcement Date: 20 November 2006 "Standard Chartered PLC announces the appointment of E Mervyn Davies as NonExecutive Chairman and of Peter Sands as Group Chief Executive" The Board of Standard Chartered PLC ("Standard Chartered" or the "Group")announces the appointment of Evan Mervyn Davies (age 53) as Non ExecutiveChairman and that Bryan Kaye Sanderson (age 66), Chairman since May 2003, isstepping down. Mervyn Davies joined the Group in 1993 and was appointed to the Board in 1997.He has been Group Chief Executive of Standard Chartered PLC since November 2001.He will be succeeded by Peter Alexander Sands (age 44) who joined the Group in2002 and is currently Group Finance Director and a Director of StandardChartered PLC. Richard Henry Meddings (age 48) will become Group Finance Director. Richardjoined the Group in November 2002 and is currently Group Executive Director forgovernance across Africa, Middle East, Pakistan, Europe and the Americas and aDirector of Standard Chartered PLC. Mervyn Davies, Peter Sands and Richard Meddings have service contracts with anotice period of one year. During Bryan's time as Chairman the Group has doubled in size and madesignificant strategic progress. The Board is appreciative of Bryan's valuablecontribution. It is intended that a Deputy Chairman will be appointed. Details of theappointee to that role and the other executive appointments will be made in duecourse. As required by the UK Combined Code on Corporate Governance, these appointmentshave been discussed in advance with major shareholders. In reaching thedecision to request Mervyn Davies to take up the role of Chairman the Boardconsidered the complexity of the international banking environment in which theGroup operates, the magnitude of the Group and the diversity of its businessesand people. The Board also considered the significant benefits of continuity aswell as the leadership skills that Mervyn will bring to the role of Chairman.The Directors have unanimously approved these appointments. Standard Chartered is trading in line with guidance given on 8 August 2006 and29 September 2006. As already announced, a pre-close trading statement will beissued on 12 December 2006. These appointments are subject to the usual regulatory approvals. Bryan Sanderson said "My priorities as Chairman were to improve shareholder value and to underpinthe existing focus on governance in order to support a profitable future forStandard Chartered. Nearly four years on, the share price has risen from £6.50 to around £15.00 andmarket capitalisation has nearly tripled. Our successful strategy, tightlyfocused on growth in our Asian, African and Middle Eastern heartland, has giventhe company new strength. Well-executed, selected acquisitions have furtherreinforced this position. All of this has been accomplished by a talented team under the leadership ofMervyn Davies and Peter Sands. Morale is high and the overall mood verypositive. For me, this has been both enjoyable and gratifying but is taking more time andeffort than I wish to give at this stage of my life. One of the mainingredients for success at Standard Chartered will be continuity of leadership.I have therefore decided to move on leaving an exciting forward agenda toMervyn, Peter and a strong supportive team. We have engendered a uniqueposition, full of opportunities in many markets, notably China and India, and Iam confident that the best is still to come for Standard Chartered." Mervyn Davies said "I would like to thank Bryan for his guidance. During the time we have workedtogether Standard Chartered has made great progress. I am delighted at theprospect of becoming Chairman of Standard Chartered. Standard Chartered has aclear strategy and is well positioned to take advantage of the manyopportunities in our markets. I am looking forward to working with Peter Sandsin his role as Group Chief Executive as Standard Chartered continues its journeyto become the world's best international bank leading the way in Asia, Africaand Middle East." By order of the Board Clive Burns Group Company Secretary Notes to editors 1. For Biographies of the Directors please see http://www.standardchartered.com/global/mc/managemt.html 2. Note: Senior Independent Director As announced at the AGM on 5 May 2006, Hugh Norton will retire from the Boardeffective 31 December 2006. He will be succeeded in his role as SeniorIndependent Director by Rudy Markham. Rudy Markham was appointed to the Board as an Independent Non Executive Directorin February 2001. He is chairman of the Audit and Risk Committee and a member ofthe Board Nomination Committee. He is Chief Financial Officer of Unilever andNon-Executive Director of Legal & General Group Plc. 3. Standard Chartered - leading the way in Asia, Africa and the Middle East Standard Chartered PLC is listed on both the London Stock Exchange and the HongKong Stock Exchange and is consistently ranked in the top 25 among FTSE-100companies by market capitalisation. Standard Chartered has a history of over 150 years in banking and operates inmany of the world's fastest-growing markets with an extensive global network ofover 1,400 branches (including subsidiaries, associates and joint ventures) inover 50 countries in the Asia Pacific Region, South Asia, the Middle East,Africa, the United Kingdom and the Americas. As one of the world's most international banks, Standard Chartered employsalmost 55,000 people, representing over 90 nationalities, worldwide. Thisdiversity lies at the heart of the Bank's values and supports the Bank's growthas the world increasingly becomes one market. With strong organic growth supported by strategic alliances and acquisitions anddriven by its strengths in the balance and diversity of its business, products,geography and people, Standard Chartered is well positioned in the emergingtrade corridors of Asia, Africa and the Middle East. Standard Chartered derives over 90 per cent of profits from Asia, Africa and theMiddle East. Serving both Consumer and Wholesale Banking customers worldwide,the Bank combines deep local knowledge with global capability to offer a widerange of innovative products and services as well as award-winning solutions. Trusted across its network for its standard of governance and corporateresponsibility, Standard Chartered takes a long term view of the consequences ofits actions to ensure that the Bank builds a sustainable business through socialinclusion, environmental protection and good governance. Standard Chartered is also committed to all its stakeholders by living itsvalues in its approach towards managing its people, exceeding expectations ofits customers, making a difference in communities and working with regulators. For more information on Standard Chartered, please log on towww.standardchartered.com Contacts Investors Stephen Atkinson Ruth NadererHead of Investor Relations Head of InvestorRelations, Asia Pacific+44 (0)20 7280 7245 + 852 2820 [email protected] [email protected] Press Sean Farrell Rita LiuHead of Media Relations Head of CorporateAffairs, Hong Kong+ 44 (0)20 7280 7163 +852 2820 [email protected] [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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