Standard Chartered Bank has announced a massive revamp of its board with the group chief executive Peter Sands to step down in June, chairman Sir John Pierce to step down in 2015, group executive director and Asia CEO Jaspar Bindra to step down on April 30, and the three longest serving independent non-executive directors to step down also.
Replacing Sands will be former J.P. Morgan investment banker Bill Winters who will join the bank on May 1 based in London.
The announcement was made in what the bank called “a comprehensive package of changes” apparently in reaction to strong pressure from shareholders and the public in the wake of poor fiscal performance in the past two years.
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.
Markland 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 May 6. Christine Hodgson, INED, who joined the Board in September 2013, will be appointed as remuneration committee chair with effect from May 7.
In addition, Oliver Stocken, INED who has served on the Board since June 2004, will step down on February 28. Two new iNEDs will join the Board with effect from April 1.
