19 July 2015
Standard Chartered PLC Announces New Management Team
· Standard Chartered announces a new Management Team, led by Bill Winters, Group Chief Executive.
· The Management Team will deliver a plan to address the future performance of the Group by the year end.
· Prior to the plan being implemented, the Group will simplify its geographic and client segment structure to reduce costs and bureaucracy and speed up decision making with:
o A rationalised geographic structure, comprising four regional businesses
o A simplified client-facing structure, comprising three client businesses
· The new regional businesses and client businesses report to Bill Winters with effect from 1 October 2015.
Standard Chartered PLC "the Group" announces today a simplification of its organisational structure that will improve accountability, speed up decision making, reduce bureaucracy and play a key part in delivering the previously announced US$1.8bn of cost savings by the end of 2017.
There are two key elements to the reorganisation. The Group will be overseen by a new 13 strong Management Team reporting to Bill Winters, and comprising the three Group Executive Directors, plus client and regional CEOs and functional heads. The new Management Team will meet with immediate effect, with the appointments formalised on 1 October 2015.
The simplified organisational structure will be phased in from 1 October 2015, and will be fully in place by 1 January 2016. The Group's financial reporting will be based on the new structure from 1 January 2016. Full organisational charts can be found at:
https://www.sc.com/en/resources/global-en/pdf/business/Organisation_charts_announcement_July_2015.pdf
Bill Winters, Group Chief Executive said:
"The Group needs to kick-start performance, reduce its cost base and bureaucracy, improve accountability, and speed up decision making. The new structure will help achieve all of these critical objectives and will be in place as we communicate a comprehensive plan to address the Group's performance by the year end.
"I am working with a talented and experienced Management Team to create a bank that delivers strong returns and sustainable profitability."
The new Management Team will have primary responsibility for executing the Group's strategy, and will work with the Group Chief Executive on a plan to address the Group's performance challenges.
The new Management Team will comprise:
· Bill Winters, Group Chief Executive
· Mike Rees, Deputy Group Chief Executive
· Andy Halford, Group Chief Financial Officer
· Tracy Clarke, Group Compliance & HR and Regional CEO, Europe & Americas
· Mark Dowie, interim CEO, Corporate & Institutional Banking
· Karen Fawcett, CEO, Retail Banking
· David Fein, Group General Counsel
· Michael Gorriz, Group Chief Information Officer
· Doris Honold, Group Chief Operating Officer
· Ben Hung, Regional CEO, Greater China & North Asia
· Ajay Kanwal, Regional CEO, ASEAN & South Asia
· Sunil Kaushal, Regional CEO, Africa & Middle East
· Anna Marrs, CEO, Commercial & Private Banking
· Pam Walkden, interim Group Chief Risk Officer
In line with the Group's listing requirements, the Group is announcing that Bill Winters will assume responsibility for all three client businesses from Mike Rees on 1 October, 2015. Mike will work closely with Bill on the formulation and execution of strategy and will play a key role with our larger clients. He will also assume responsibility for Brand and Marketing from 1 October 2015. Andy Halford will assume responsibility for the Group Investor Relations function, Corporate Real Estate Services, and Global Sourcing from 1 October, 2015. Bill Winters, Andy Halford and Mike Rees remain Group Executive Directors and PLC Board members.
Client business simplified
The Group's current structure of three client businesses supported by five product groups will be simplified, with each product now reporting into the client segment with which it has the most relevant connection:
· Corporate & Institutional Banking "C&IB" will include Transaction Banking; Corporate Finance; and Financial Markets, and will be led by Mark Dowie.
· Commercial & Private Banking will include Wealth Management and will be led by Anna Marrs.
· Retail Banking will include Retail Products and will be led by Karen Fawcett.
C&IB will operate as a global business. Retail Banking and Commercial Banking will be run on a country basis with regional oversight, with client and product strategy delivered by smaller and more efficient central teams under Karen Fawcett and Anna Marrs, respectively.
Geographic structure rationalised
The Group's new geographical structure will rationalise the eight existing regions into four new regional businesses:
· Greater China & North Asia, including Hong Kong, China, Korea, Japan and Taiwan, led by Ben Hung.
· ASEAN & South Asia, which includes Singapore, Malaysia, Indonesia, India and Bangladesh, led by Ajay Kanwal.
· Africa & Middle East, which includes Southern, West and East Africa, Pakistan and the UAE, led by Sunil Kaushal.
· Europe & Americas, including the UK and the US, led by Tracy Clarke.
The new client and regional businesses will continue to be supported by centralised global functions. Corporate Affairs; Finance; the Group General Counsel; the Group Chief Operating Officer; Risk; and Technology and Operations will report to Bill Winters. HR and Compliance will continue to report to Tracy Clarke, Group Compliance and HR and Regional CEO, Europe & Americas.
For further information please contact:
James Hopkinson, Head of Investor Relations +44 (0)20 7885 7151
Jon Tracey, Head of External Communications +44 (0)20 7885 7613
Standard Chartered
We are a leading international banking group, with more than 90,000 employees and a 150-year history in some of the world's most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East, where we earn around 90 per cent of our income and profits. Our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
For more information please visit www.sc.com. Explore our insights and comment on our blog, BeyondBorders. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
