StanChart scotches suc­ces­sion ru­mours

The Political and Business Daily - - CORPORATE -

STAN­DARD Char­tered Plc dis­missed me­dia ru­mours 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.

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