Standard Chartered deputy chief executive Mike Rees steps down

 
Lauren Fedor
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Standard Chartered deputy group chief executive Mike Rees will step down at the end of April, the bank announced tonight.

Rees, who has worked for Standard Chartered for 26 years, will retire on 30 April 2016, stepping down from both his job as deputy group chief executive and his role on the board, the bank said in a statement.

The bank said Rees, 59, will not seek re-election as a group executive director at the 2016 AGM in May and will leave the group fully at the end of the year.

Tonight's announcement is just the latest in a series of changes seen under the leadership of Standard Chartered's chief executive Bill Winters, who took the reins of the Asia-facing bank last June.

Commenting on the announcement, Standard Chartered chairman Sir John Peace, said: "Mike has made a major contribution to Standard Chartered over the past 26 years, and I would like to particularly thank Mike for his valuable support to the board and the management team in shaping and executing on our new strategy."

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