StanChart names Jose Vinals as new Chairman after year-long search
Reuters
Published Jul 27, 2016 10:50AM ET
Updated Jul 27, 2016 11:10AM ET
StanChart names Jose Vinals as new Chairman after year-long search
LONDON (Reuters) - Standard Chartered (L:STAN) has named former deputy governor of the Bank of Spain Jose Vinals as its new Chairman, ending a 16-month search for a new leader to continue a sweeping turnaround plan at the Asia-focused lender.
Vinals will join the bank as Chairman designate on October 3 and succeed Peace on December 1, StanChart said on Wednesday.
"José brings deep and extensive economic, political and regulatory experience of our markets and an exceptional grasp and understanding of the international financial system," Chief Executive Bill Winters said.
Vinals joins from the IMF where he was head of its Monetary and Capital Markets Department, as well as its chief spokesman on financial matters and global financial stability.
Before that he spent 25 years at the Spanish central bank.
Vinals will be paid 1.25 million pounds a year, the bank said.
StanChart announced on February 26 last year that John Peace and former Chief Executive Peter Sands would step down from their roles in a comprehensive overhaul of management that sought to draw a line under a disastrous three-year period for the lender.
After a decade of record profit growth leading up to 2012, Standard Chartered's fortunes under Peace and Sands changed as it became embroiled with US regulators over Iran sanctions, and suffered losses amid plunging commodities prices globally.
The bank has also named Naguib Kheraj, who led the search for a new chairman at the emerging markets-focused lender, as its new deputy chairman.
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Written By: Reuters
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