Having been in the rumour mill for a while now, Standard Chartered has finally confirmed that it's appointed a new chief executive. Bill Winters will replace Peter Sands later this year.
The bank made the move following continued shareholder dissatisfaction at how it was being run - returns have not been at their best recently due to a slowdown of growth in Asia, where many of its operations are focused. Additionally, its debts have risen and it currently faces US fines for breaching sanctions on doing business with Iran.
This led to widespread speculation that the role might be taken from Sands. A former head of JP Morgan's investment bank, Winters is widely admired in the City.
He will join the company in May with a base salary of £1.15m, but will take up the role of chief executive when Sands steps down in early June.
In 2016, current chairman Sir John Peace will step down, although his replacement has not yet been named. Three of the group's longest-serving non-executive directors - Paul Skinner, Ruth Markland and Oliver Stocken - will also say farewell, as the board is cut down to 14 directors.
Commenting on the changes, Peace said:
Bill is a globally respected banker and has the right experience and skills to drive the group's new phase of growth. He brings substantial financial experience from leading a successful global business and has an exceptional understanding of the global regulatory and conduct environment. He's also a proven leader with a strong track record in nurturing and developing talent.
Shares in Standard Chartered rose 3.6 per cent in early trading.