Standard Chartered names new CEO

UK bank Standard Chartered has named Bill Winters as new chief executive replacing Peter Sands, effective June 2015.

Standard Chartered names new CEO

In his new role, Winters will be based in London and his annual base salary will be £1.15m.

As part of management restructure, Jaspal Bindra, group executive director and CEO Asia, will also step down from the board at the end of April alongside three non-executive directors Ruth Markland, Paul Skinner and Oliver Stocken, who will quit this year.

Additionally, Chairman John Peace plans to step down from the board next year. The bank’s board strength will be slashed to 14 from 16 in due course.

Moreover, StanChart has also hired new non-executive directors Gay Evans, a former banker at Barclays and Citigroup, and Jasmine Whitbread, the chief executive of Save the Children.

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.”

Temasek, shareholder of Standard Chartered, said: “This ongoing process for board renewal must continue as the requirements and challenges facing the banking and financial sector across the world have become much more complex and onerous.”