Standard Chartered share price: Bill Winters to take over as CEO
Standard Chartered Plc (LON:STAN) has appointed Bill Winters, a former investment banking head at JPMorgan, to replace Peter Sands as chief executive officer later this year. Announcing a sweeping round of changes to its board, StanChart today said that Sands would leave the bank in June. The company’s chairman John Peace will also step down the board next year.
Peace commented: “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.” The chairman also highlighted Sands’ “immense contribution” to StanChart’s success and the “transformative impact” he had in his 13-year tenure, which included an eight-year spell as CEO.
StanChart also said that Jaspal Bindra, group executive director and chief executive officer for Asia, would step down from the board at the end of April and leave the company shortly after. In addition, the bank’s three longest-serving independent non-executive directors – Ruth Markland, Paul Skinner and Oliver Stocken – would also depart, as the company downsizes its board to 14 directors.
The radical overhaul of the board follows calls for changes in StanChart’s senior ranks, which started last year. Sands in particular has come under investor fire for failing to rein in a two-year decline in profits and over strategic, governance and operational mistakes. Investors have said that the CEO has been slow to address problems and has not gone far enough in cutting costs.
In today’s trading, Standard Chartered shares were up 1.7 percent at 942.40p, as of 10:16 UTC. The stock has declined 2.2 percent since the start of the year, trimming the bank’s market capitalisation to £23.2 billion.
According to the Financial Times, as of February 20, 2015, the consensus forecast amongst 45 polled investment analysts covering Standard Chartered has it that investors should hold their position in the company. This consensus estimate has been maintained since May 08, 2013, when the sentiment of investment analysts deteriorated.
As of 12:46 GMT, Thursday, 26 February, Standard Chartered PLC share price is 951.55p.