Standard Chartered Plc’s acting chief executive officer, Peter Sands, has announced that he will be stepping down as the bank’s leading executive and leaving the board of directors in June.
Mr. Sands was appointed as chief executive back in 2006. This past July, Standard Chartered reiterated its backing for Mr. Sands following unrelenting pressure from shareholders over waning profits of forex products as volatility fell to historically low levels.
The leadership shuffle was just one of several moves today, as many other directors were also reportedly stepping down. The man selected to replace him is William Winters, the ex co-chief of JPMorgan’s investment bank. Mr. Winters will join Standard Chartered on May 1, whereupon he will step into office as the chief executive in June, to be based out of London.
According to John W. Peace, Standard Chartered chairman, in a recent statement on the move, “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.”
“Peter and the team have forged Standard Chartered into one of the truly great opportunities in global banking. It’s a special bank. I’m struck by its amazing network, respected brand and powerful client relationships across the countries which will drive the future growth of the world economy,” added Mr. Winters in an accompanying statement.
Executive Board Shrinks
Standard Chartered has also revealed that Mr. Peace will be relinquishing his role in 2016, following a transition at the British bank. Standard Chartered’s chief executive in Asia, Jaspal Singh Bindra, will also be leaving the board in April. Finally, as part of an initiative to shrink its board of directors to 14, long-time directors Ruth Markland, Paul Skinner and Oliver Stocken will also step down this year.