Standard Chartered has today announced that it has today appointed Jose Vinals as chairman.
Vinals, who is currently the financial counsellor and director of the monetary and capital markets department of the International Monetary Fund (IMF), will join the board on as chairman designate on 3 October, before formally taking over from Sir John Peace at the start of December.
"I am honoured to be joining Standard Chartered," said Vinals. "It's a fabulous organisation with a rich history and enormous potential"
Bill Winters, group chief executive, added:
Jose brings deep and extensive economic, political and regulatory experience of our markets and an exceptional grasp and understanding of the international financial system.
We have made significant progress in the delivery of our strategic objectives and I look forward to working with Jose on the next phase of the Group’s growth. He’s a proven and I am delighted that we’ll be working together.
Naguib Kheraj, senior independent director, who lead the search to find Peace's replacement, remarked: "We are delighted to have concluded the search for a new Chairman with the appointment of Jose. He is widely acknowledged as an expert on the world financial and regulatory landscape and has a wealth of knowledge of the markets in which Standard Chartered operates."
Kheraj continued: "On behalf of the Board, I would like to thank Sir John for his commitment and contribution to Standard Chartered over the past decade. Sir John has handled the Chair succession process in an exemplary manner and through a period of significant change for the group."
Shares in the bank on the London stock exchange dipped slightly when the announcement was made, but closed up one per cent at 630.1p.