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StanChart denies leadership change reports

Standard Chartered Bank has denied reports about imminent changes in its top leadership following what is reported as ‘investor pressure’. Reports suggest that Pakistani-origin Naguib Kheraj’s appointment as the next chairman is imminent. The bank, which has a significant focus on Asia including India and has three Indians on its board, has been facing pressure from its shareholders amid falling share price and repeated profit warnings. There have been speculation that certain large investors in the bank want change in top leadership of the bank, including that of CEO Peter Sands and chairman John Peace. However, the bank has issued a statement that its board is ‘united in its support of both Sands and Peace’. Besides Peace and Sands, the board comprises Andy Halford (group finance director) and three executive directors — Jaspal Bindra, V. Shankar and Mike Rees. In addition to Bindra and Shankar, the board of Stanchart, which is also listed in India, also includes another Indian – former State Bank of India chairman O.P. Bhatt as an independent non-executive director. Bindra is group ED & CEO for Asia, while Shankar is group ED & CEO for Europe, the Middle East, Africa and the Americas.

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