Standard Chartered said looking for new CEO

Dog Detective

'It’s very untidy'.

Standard Chartered’s two largest investors have told the bank’s chairman, Sir John Peace, to find a replacement for the embattled chief executive, Peter Sands, within months.

The Telegraph reports it has learned that Temasek and Aberdeen Asset Management have said a succession plan to replace Sands must be put in place so that he can leave by the end of the year.

It is understood both investors, who between them own nearly a third of the bank’s shares, have made their wishes known separately in recent weeks. Singapore’s Temasek is Standard Chartered’s largest shareholder, holding a 17.7pc stake. Aberdeen is second with almost 11pc.

In the meantime, Bloomberg reports that the bank has hired executive search firm Egon Zehnder to find a successor to Sands, according to person with knowledge of the process.

'While there’s no surprise Sands is under pressure, it’s not good to see the CEO in the news', said Christopher Wheeler, an analyst at Atlantic Equities LLP in London, with a neutral rating on the shares. 'It’s very untidy and people hate instability. It’s not clear who will take the role next and what they’ll bring to the table'.

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