Standard Chartered has appointed four new independent non-executive directors, representing the first phase of the board "succession planning exercise" which started over a year ago.

“We are taking a long-term, strategic, forward-looking approach to refreshing the board, balancing our need both to maintain longevity and stability on the board whilst regularly refreshing its composition,” said Sir John Peace, chairman of the board.

Board changes

Dr Lars Henrik Thunell joins on 1 November. He was most recently chief executive and executive vice president of International Finance Corporation, a member of the World Bank Group. As a result, he has a detailed understanding of emerging markets, the firm said.

Margaret Ewing also joins on 1 November. Ewing brings accounting, finance and regulatory development experience to the board. She retired as a senior partner of Deloitte in May. 

Om Prakash Bhatt, a career banker with over 30 years of industry experience, starts on 1 January 2013. Bhatt retired as chairman of the State Bank Group in 2011 and has extensive banking, financial services and leadership insight, a statement said. He also has deep knowledge and experience across India, which the firm said is one of its largest markets.  

Finally, Dr Louis Chi-Yan Cheung starts on 1 January 2013. Dr Cheung has strong general financial services and investor relations credentials, particularly in relation to Greater China.

"The intention is that, whilst ensuring smooth transition and succession, the overall size of the board will remain broadly in line with current levels," the firm said. Further board changes will be announced ahead of the 2013 annual general meeting.