Standard Chartered has appointed Om Prakash Bhatt as an independent Non-Executive Director. The bank has also appointed three other independent Non-Executive Directors as part of its first phase of the Board succession planning exercise that commenced over a year ago.
A career banker with over three decades of experience who retired as Chairman of the State Bank Group in 2011, OP Bhatt, 61, would join the board from January 1, 2013.
“We are taking a long-term, strategic, forward-looking approach to refreshing the Board, balancing our need both to maintain longevity and stability on the Board, whilst regularly refreshing its composition”, said Sir John Peace, Chairman of the Board.
As part of the multi-year Board succession planning exercise outlined in the 2011 Annual Report and Accounts, further Board changes will be announced ahead of the 2013 Annual General Meeting, said the bank. However the overall size of the Board will remain broadly in line with current levels.
The other new board members include Lars Henrik Thunell, Margaret Ewing and Louis Chi-Yan Cheung. Lars Henrik Thunell , who was recently Chief Executive Officer and Executive Vice President of International Finance Corporation, a member of the World Bank Group, would join the board from November
Joining the board at the same time would be Margaret Ewing, who retired as a Senior Partner of Deloitte in May, where she played a key role in regulatory and public policy development in a global context, firm wide risk and quality control oversight in addition to being the senior advisory partner to a number of FTSE 100 companies, according the bank.
The youngest of the four members joining the board would be Louis Chi-Yan Cheung, 49. Cheung was an Executive Director and Group President of Ping An Insurance (Group) Company of China Ltd until 2011 and a Non-Executive Director until June 2012.
(Edited by Prem Udayabhanu)