Standard Chartered appoints new CEO, makes big changes to board

Office Chairs and Table

All change.

Standard Chartered has announced a comprehensive package of changes to the Board.

As part of an orderly succession plan balancing stability with fresh perspective, the Board of Standard Chartered PLC announces that William Thomas Winters ('Bill'), 53, will join the Group on 1 May 2015. He will be appointed to the Board as Group Chief Executive in June 2015 and will be based in London.

Peter Sands, 53, will stand down from the Board and as Group Chief Executive in June 2015.

Sir John Peace, 63, Chairman, has indicated an intention to step down from the Board during the course of 2016, allowing time for Bill to transition into his new role and to ensure Board level continuity.

Sir John Peace said: '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.

'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. Since becoming Group Chief Executive in 2006, the Group has more than doubled in size, has been consistently profitable and has returned over $12bn of dividends to shareholders. His leadership and insight, over a period of huge change and challenge for the entire industry, ensures he leaves the Group well placed to achieve its full potential as one of the world’s leading financial institutions'.

Winters said: '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. I am looking forward to working with Sir John, the Board and the staff to ensure that Standard Chartered achieves its full potential, and delivers value for the shareholders, clients and communities it serves'.

Sands said: 'After more than eight years as Group Chief Executive, now is the right moment to hand over to new leadership. Bill and the team will inherit a more focused and efficient bank with a superb client franchise and a unique network across some of the most dynamic markets in the world. It has been my privilege to lead the people of Standard Chartered through a period of extraordinary turbulence and growth. I am delighted that a banker of Bill’s calibre will be leading the Group through the next phase of development'.

Jaspal Bindra, 64, Group Executive Director and Chief Executive Officer, Asia, after a long and successful 16 year career with the Group, will be stepping down from the Board, with effect from 30 April 2015 and will leave the Group shortly thereafter. A further announcement on his current role will be made in due course.

The Group has also announced further changes to its broader Board composition in line with its multi-year succession plan. As part of this, a further three long standing Directors will step down and two new Directors will join the Board.

Ruth Markland, Senior Independent Director ('SiD') and Paul Skinner, independent Non-Executive Director ('iNED'), who have both served on the Board since November 2003, will retire from the Board by the end of 2015. Ruth 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, 60, is 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 & 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 Authority ('FSA'), where she served as Director of Markets Division. Gay is a Non-Executive Director at Aviva plc, ConocoPhillips, Bank Itau BBA International Limited and Deputy Chair of the Financial Reporting Council.

Jasmine Whitbread, 51, brings significant business leadership experience as well as first-hand experience of operating across our markets. Jasmine 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. Jasmine has a background in international marketing in the technology sector. She is a Non-Executive Director of BT Group plc.

The bank will continue to streamline the Board and the intention is for the Board to consist of 14 directors in due course.

Sir John said: 'Ruth, Jaspal, Paul and Oliver have all made enormous contributions to the Board and the wider Group. I welcome Gay and Jasmine who will bring a diverse range of experiences providing valuable insight and perspective to the Board'.

 

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