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Standard Chartered shake-up continues with departer of V. Shankar.

Shankar, aged 57, Group Executive Director and Chief Executive Officer, Europe, Middle East, Africa and Americas has resigned from Standard Chartered to pursue other interests, after a successful career at the bank spanning 13 years. Shankar will stand down from the Board with effect from 30 April 2015 and leave the Group thereafter.

Peter Sands, Group Chief Executive, Standard Chartered, said, "Shankar has made a significant contribution to the success of the Group, both as Group Head of Origination & Client Coverage, and in his current role. He was also instrumental in establishing and leading our highly successful Corporate Finance and Principal Finance businesses. Shankar has decided to make a change of direction in his career and I wish him all the best."

Shankar will continue to receive his base salary and other elements of fixed remuneration up until mid-October 2015 (or such other earlier date which is mutually agreed by both parties). He is eligible to a statutory payment on termination provided for by UAE DIFC employment law. This amount is equivalent to approximately $280,000. The bank's Remuneration Committee has also decided, given Shankar's track record of performance over 13 years including three as a Group Executive Director, to confer good leaver status to allow him to retain any unvested share awards.

Sir John Peace, Chairman, Standard Chartered, said, "On behalf of the Board, I would like to thank Shankar for the service he has given to Standard Chartered over the last 13 years. He has been a valuable member of the Board and Executive Team.

As a result of this change, with effect from 1 May the Standard Chartered PLC Board will comprise three Executive Directors - the Group Chief Executive, Deputy Group Chief Executive and Group Finance Director, in line with the Group's stated intention to reduce the overall board size to 14 Directors in due course.

In addition, the Group announced that Jonathan Paul joins as Group Head, Financial Markets on 7 April and will be based in Singapore. Sumit Dayal is appointed as Group Head, Corporate Finance, with effect from 1 April. He will continue to be based in Singapore. Finally, Mark Dowie, formerly Group Head, Corporate Finance and acting Group Head, Financial Markets, will become Vice Chair, Clients and Products with effect from 7 April. In this new role he will be involved in a range of activities including business development and relationship management with clients across the Group's footprint. He will move from Singapore to London.

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Publication:CPI Financial
Date:Apr 1, 2015
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