Standard Chartered dismisses media rumors on succession plans

Wed Jul 23, 2014 8:10pm EDT
 
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(Reuters) - Standard Chartered Plc dismissed media rumors that its chairman was working on a succession plan amid shareholder pressure.

Standard Chartered said in a statement late on Wednesday that it was united in its support of both Group CEO Peter Sands and Chairman Sir John Peace in restoring the bank to profitable growth.

The bank said robust and considered succession plans for all of the senior leaders were in place.

"We take our board succession extremely seriously and discuss this topic with our shareholders on a regular basis," the Standard Chartered statement said. "We will ensure orderly succession takes place at the appropriate times, and only in a responsible manner consistent with full market transparency."

The Financial Times reported that Sir John Peace is weighing a succession plan, and has been urged to conduct a search both internally and externally over the next 12 months, citing three people familiar with the matter.

(Reporting by Aashika Jain in Bangalore. Editing by Andre Grenon)

 
People queue up outside a Standard Chartered Bank branch before operation hours at the central business district in Singapore January 23, 2014. REUTERS/Edgar Su