StanChart plumps for John Peace

David Hellier
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EMERGING markets bank Standard Chartered, which has enjoyed healthy revenues and profits, confirmed yesterday it had appointed John Peace as the group&rsquo;s new chairman with immediate effect.<br /><br />Peace, 60, is set to receive &pound;650,000 a year and a further &pound;500,000 in shares, which will vest over the next three years.<br /><br />He is also chairman of credit information firm Experian and luxury clothing group Burberry. He will step down as Experian chairman once a replacement is appointed.<br /><br />&ldquo;I am honoured to become chairman of Standard Chartered,&rdquo; Peace said.<br /><br />&ldquo;This is one of the best jobs in banking. The group is in excellent shape and I look forward to continuing to work with our great management team and board.&rdquo;<br /><br />Standard Chartered, which is listed in Hong Kong and London, has weathered the global financial crisis better than most other banks because the vast majority of its business is in Asia, Africa and the Middle East.<br /><br />Confirmation of Peace&rsquo;s appointment increased speculation that Win Bischoff, who was a contender for the job, would now be appointed as the next chairman of Lloyds Banking Group.<br /><br />Bischoff, who spent some of his Schroders career in the far east, was said to have been very tempted by the Standard Chartered job but the board decided to stick with the man they knew who had impressed them since taking over from Mervyn Davies, now Lord Davies, in January who left to become trade minister.<br /><br />Before joining Standard Chartered's board in 2007, Peace had served as chief executive at retail conglomerate GUS, the former owner of Argos.