Following months of speculation, Standard Chartered said its CEO, Peter Sands, is to leave while the Asia CEO of the firm is also stepping down.
Standard Chartered, which for months has seen speculation about the fate of its chief executive Peter Sands in the wake of profit warnings and share price falls, has announced that Sands is to leave in June this year. He is to be replaced by Bill Winters, a former top executive at JP Morgan. Winters will be based in London.
Shares in the bank rallied yesterday on the news; they were up 2.2 per cent today.
Sir John Peace, chairman, is to step down in 2016, the bank said in a statement.
“Bill is a globally respected banker and has the right experience and skills to drive the group’s new phase of growth. He brings substantial financial experience from leading a successful global business and has an exceptional understanding of the global regulatory and conduct environment. He’s also a proven leader with a strong track record in nurturing and developing talent,” Peace said yesterday.
The move comes at what has been a difficult period for the London-listed bank, which earns the bulk of its revenues in Asia and Africa. There has been a constant flow of media speculation about Sands’ future – until the announcement the bank has declined to comment on the idea of his departure.
Peace praised Sands for his tenure as CEO, which has lasted for more than eight years, a period straddling the biggest financial crisis since the 1930s. “Peter has made an immense contribution to the success of the group and has had a transformative impact during his 13 year tenure as both group chief executive and previously as group finance director,” he said.
Asia CEO to go
Among other changes, Standard Chartered said Jaspal Bindra, group executive director and CEO for Asia, will step down after a 16-year career at the group. He leaves on 30 April. A further announcement about his current role is to be made “in due course”, the bank said.
The bank made a number of other changes to its board; three long-standing directors are stepping down and two new directors will join it.
Ruth Markland, senior independent director and Paul Skinner, independent non-executive director, who have both served on the board since November 2003, will retire by the end of 2015. Markland continues as SiD until she retires but will step down from her role as remuneration committee chair with effect from the conclusion of the AGM on 6 May 2015. Christine Hodgson iNED, who joined the Board in September 2013, will be appointed as remuneration committee chair with effect from 7 May 2015.
In addition, Oliver Stocken, iNED who has served on the board since June 2004, will step down on 28 February 2015.
Two new iNEDs will join the Board with effect from 1 April 2015: Gay Huey Evans, is described by the bank an “experienced non-executive director with significant commercial, financial services and regulatory experience, having spent 26 years working in a variety of executive roles in a number of global finance and banking institutions”. She was vice chairman, investment banking and investment management, at Barclays Capital from 2008 to 2010 and prior to that was head of governance, Citi Alternative Investments (EMEA). She also spent seven years at the Financial Services Authoriiy, where she served as director of markets division. She is a non-executive director at Aviva, ConocoPhillips, Bank Itau BBA International Limited and Deputy Chair of the Financial Reporting Council.
Jasmine Whitbread is the CEO of Save the Children International,
a role she has held since 2010, with extensive experience and a
deep understanding of operating successfully in highly regulated,
political and unpredictable environments. Prior to joining
Save the Children, Jasmine spent six years with Oxfam, first as
regional director in West Africa, and then as international
director responsible for Oxfam's programmes worldwide. Shge
has a background in international marketing in the technology
sector. She is a non-executive director of BT Group plc.
We will continue to streamline the Board and the intention is for the Board to consist of 14 directors in due course.
The appointments have received the necessary regulatory approval.