StanChart hires Naguib Kheraj as its senior independent director

STANDARD Chartered has appointed former Barclays finance director Naguib Kheraj as its senior independent director yesterday, with immediate effect.

Kheraj has been a non-executive director at Standard Chartered since January 2014 and has been tipped as a possible future chairman of the bank. However sources say Kheraj will not put himself forward for the role.

Chairman John Peace has said he will leave next year and Kheraj will be in charge of finding his replacement. The search has only recently begun and the board is close to hiring a headhunting company to look for candidates.

Kheraj replaces Ruth Markland as senior independent director. She had previously announced she will leave the board by the end of 2015.

New chief executive Bill Winters said he would announce his top executive team after the summer.