Standard Chartered: Not Planning Succession to CEO or Chairman
July 24 2014 - 06:05AM
Dow Jones News
By Tapan Panchal
LONDON--Standard Chartered PLC (STAN.LN) Thursday denied any
succession planning for its Chief Executive Officer Peter Sands and
Chairman Sir John Peace due to pressure from investors.
"The board wants to be absolutely clear that it is united in its
support of both Peter Sands and Sir John Peace, and the management
team, in delivering the refreshed strategy, restoring the bank to
profitable growth and delivering returns for our shareholders," the
London-listed bank said in response to media reports.
Institutional shareholders contacted by The Times of London had
said there was a widespread feeling that the leadership team needed
refreshing after two profit warnings in seven months and pointed to
Mr. Sands as their preferred scalp, The Times wrote.
Write to Tapan Panchal at tapan.panchal@wsj.com
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