Standard Chartered bank appoints new CEO, shakes up board

AP News
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Posted: Feb 26, 2015 1:43 PM

LONDON (AP) — Standard Chartered says its chief executive and chairman will stand down amid pressure from shareholders impatient with the board's leadership.

CEO Peter Sands will leave in June and be replaced by former J.P. Morgan executive Bill Winters in a massive shakeup that will see six directors leave the company's board. Chairman John Peace announced plans to step down in 2016.

Standard Chartered shares rose 5.4 percent Thursday on investor optimism about the change in management. The stock had fallen 30 percent from May 28 through Wednesday.

In October, the bank said it was going through "challenging" times, citing "somewhat subdued income momentum" and bad loans. At the time, it promised to take action to deliver a "refreshed strategy."

It promised action on multiple fronts and to deliver a "refreshed strategy."