Yahoo Finance StanChart To Name Winters As Next Chief
The struggling emerging markets lender Standard Chartered (HKSE: 2888.HK - news) is appointing a former architect of British banking reform as its new chief executive.
Sky News has learnt that Bill Winters, who was a member of the Independent Commission on Banking set up in the early days of the Coalition, will replace Peter Sands later this year.
The announcement was later confirmed by the bank.
Mr Winters is a former JP Morgan executive who has been running his own hedge fund business, Renshaw Bay.
Mr Sands, who has led Standard Chartered since 2010, recently told staff that he had no plans beyond running the bank and was solely focused on improving its performance.
The board of Standard Chartered had insisted until the latest wave of speculation emerged last month that no specific planning was taking place for the departure of either Mr Sands or Sir John Peace, the bank's chairman.
In a recent statement, the bank said: "Peter and the management team are focused on executing the group's refreshed strategy, delivering growth, cost savings and shareholder returns, and have the full support of the board in achieving this.
"The group is clearly aware of its disclosure obligations in respect of executive directors, and we are not making any announcement.
"The chairman announced a multi-year refresh of the board in 2011, and we will make any further announcements on this in due course."
The bank, which sponsors Liverpool FC, recently announced the sale of its consumer finance operations in Hong Kong, days after US authorities said they were extending their scrutiny of StanChart (HKSE: 2888-OL.HK - news) until 2017 as part of a deferred prosecution agreement.
In 2012, Standard Chartered struck a deal with regulators that saw it pay a $667m fine for violating sanctions requirements, and was forced to pay a further $300m in August after failing to make sufficient improvements to its systems and controls.
Temasek, the Singaporean state fund, which owns nearly 18% of Standard Chartered's shares, is not agitating for changes at the top of the board, according to a person familiar with its views.
However, Aberdeen Asset Management (Other OTC: ABDNF - news) , the second-largest shareholder, is reported to be keen for Mr Sands to step down and is expected to back Mr Winters' appointment.
Standard Chartered, which has seen shares fall by more than 25% during the last year, has shaken confidence among investors after a string of profit warnings, regulatory bust-ups and management changes.
The bank declined to comment.
