Standard Chartered has tapped former JPMorgan investment banker Bill Winters to be its new chief executive after a mass clear out of its executive team and board following a long period of shareholder discontent at the emerging markets-focused bank.
Mr Winters, the former head of investment banking at JPMorgan, will in June replace Peter Sands, 53, as CEO at the London-listed bank, which has suffered two years of falling profits and growing pressure from its biggest shareholders for a change in top management.
In a radical shake-up of its board, the bank added in the statement on Thursday that Chairman Sir John Peace, 65, will also step down in 2016. It did not name his replacement. One of the leading contenders to replace Sir John is Naguib Kheraj, who is a non-executive director on the StanChart board and worked closely with Mr Winters at JPMorgan.