Overhauling its leadership team, British lender Standard Chartered Bank on Thursday announced a new global CEO and a new head for its largest market Asia, in place of incumbents Peter Sands and Jaspal Bindra respectively.
While former JPMorgan CEO Bill Winters will replace the embattled incumbent group chief executive Sands from June, the London-headquartered bank also asked Bindra, the present chief executive of Asia, which is its largest profit centre, to leave by April, after serving for 16 years.
Bindra was also the country head of its India operations.
The largest overseas lender by branch network in the country in a statement also said that its present chairman John Peace will leave the company some time next year.
Bindra, 54, who is also the group executive director, will step down from the board from April 30. It has not named the new Asia CEO.
Sands, 53, has spent 13 years both as group chief executive since 2006, making him the longest serving head of any major European bank, and previously as group finance director with the Asia focused bank.
Under Sands’ tenure, total assets of StanC nearly trebled to USD 690 billion in June 2014 from USD 266 billion in 2006.
The bank also said three longest serving independent directors will also step down from the board.
The massive overhaul of the board at the British lender comes following a slew of problems surfaced for the bank, which prompted leading share-holders to call for change.
Winters, who currently runs Renshaw Bay asset management firm in London, will get a 1.15 million pounds in annual pay and his total potential compensation is as much as 4.6 million pounds, the statement said.