Standard Chartered share price: Bank appoints new senior independent director

Standard Chartered Plc (LON:STAN) today announced that it had appointed Naguib Kheraj as its senior independent director, with immediate effect. The former finance director of Barclays Plc (LON:BARC) replaces Ruth Markland, who has previously announced that the she will step down from StanChart’s board by the end of the year.

The Asian-focused bank has embarked on a major managerial shake-up this year following two years of unsatisfactory results. In February the lender announced a number of changes to its board, including the departure of its long-serving chief executive officer Peter Sands on June 1 and the appointment of Bill Winters as his replacement. The bank also said that its chairman John Peace would leave in 2016.
Kheraj has been tipped as a possible future chairman of the bank. He has been an independent non executive director at Standard Chartered since January 2014 and has chaired the bank’s Audit Committee since May 2014. He is also a member of the Governance and Nomination Committee, the Board Risk Committee and the Board Financial Crime Risk Committee.
In today’s trading, Standard Chartered share price was down 0.3 percent at 1,022.00p, as of 11:40 BST. The stock has risen 6.2 percent since the start of the year and the company’s market capitalisation currently stands at nearly £26 billion.
As of June 12, 2015, the consensus forecast amongst 30 polled investment analysts covering Standard Chartered had it that investors should hold their position in the company. This consensus forecast has been maintained since May 08, 2013, when the sentiment of investment analysts deteriorated from “outperform”.
As of 13:31 BST, Wednesday, 17 June, Standard Chartered PLC share price is 1,018.50p.