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Asia-focused bank Standard Chartered said former JPMorgan investment bank boss Bill Winters will take over as chief executive in June to replace embattled boss Peter Sands.
Standard Chartered said on Thursday Chairman John Peace will also leave next year, and named other changes to its board in a massive overhaul in management following a run of problems for the UK bank prompted top shareholders to call for change.
Winters, 53, is one of the most respected bankers in the industry and has wide experience of investment banking and regulatory issues. Standard Chartered shares jumped 3% on the news of the appointment.
He will join the Standard Chartered board in May and take over from Sands the following month, and be based in London.
"Bill is a globally respected banker and has the right experience and skills to drive the Group's new phase of growth," said Peace, who said he will remain in his role until next year to help Winters' transition.
Standard Chartered said Jaspal Bindra, CEO of its Asia business, will leave this year after 16 years with the bank.
It said a further three long standing directors will step down - Ruth Markland, Paul Skinner and Oliver Stocken - and said two new directors will join the board - Gay Huey Evans and Jasmine Whitbread.
