People Moves

IMF Luminary To Take Helm As New Standard Chartered Chairman

Tom Burroughes, Group Editor, 28 July 2016

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The UK-listed bank, which is to announce half-year results next week, has a new chairman, drawn from the ranks of the International Monetary Fund.

Standard Chartered this week appointed a top International Monetary Fund executive, José Viñals, as its new chairman, taking the helm from Sir John Peace on 1 December. On that date, Sir John steps down as a director as well as chairman.

This appointment comes after an extensive external search led by Naguib Kheraj, senior independent director, the bank said in a statement earlier this week. 

The move comes at what continues to be a challenging time for Standard Chartered. Under Bill Winters, group CEO, the UK-listed bank, which earns the bulk of revenue in areas such as Asia, has been working to rebuild its fortunes after a difficult period amid more volatile emerging markets. Profits fell by almost 60 per cent in the first quarter of this year and posted an annual loss in 2015, its first for almost a quarter of a century. Winters took over as CEO last year.

The bank issues half-year results on 3 August.

Viñals is the financial counsellor and director of the Monetary and Capital Markets Department of the IMF and his role includes oversight and direction of its monetary and financial sector work, and he is the IMF’s chief spokesman on financial matters, including global financial stability. He was a member of the Plenary and Steering Committee of the Financial Stability Board for seven years. Viñals started his career as an economist before spending 25 years at the Central Bank of Spain, where he rose to be the deputy governor.

In his new role, Viñals will spend up to four days a week on average on his duties as non-executive chairman. “The Chairmanship of Standard Chartered will be his primary occupation and he will be available to spend whatever time is necessary to fulfill the role,” the bank said. As part of the change, he will relocate to London.

Separately, Standard Charted announced it had Naguib Kheraj, as deputy chairman. Kheraj joined the board in January 2014 and will retain his existing senior independent director and other committee roles. His appointment is also effective from 1 December.

 

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