(Sharecast News) - Banking group Standard Chartered said on Tuesday that Simon Cooper, who was a frontrunner to succeed chief executive Bill Winters, will leave the group in order to "pursue other interests".
Cooper, who has headed up the group's corporate, commercial, and institutional banking unit for the last eight years, will be replaced by Roberto Hoornweg and Sunil Kaushal as they take the reigns of Standard Chartered's newly-minted corporate and investment banking division.
Standard Chartered will also shut down a number of its regional reporting lines in the unit, which, according to Bloomberg, could lead to "several executives losing their jobs".
In addition to co-leading CIB, Hoornweg will take on responsibility for Europe, Americas, Middle East, and Africa markets, while Kaushal will take on responsibility for ASEAN and South Asia markets.
Judy Hsu of the firm's private and business banking arm will take on responsibility for Greater China and North Asia markets, and Ben Hung, currently CEO of Standard Chartered's Asia operations, will assume the new role of president of international. Tanuj Kapilashrami, currently group head of Human Resources, will assume the new role of chief strategy and talent officer.
As of 1105 GMT, Standard Chartered shares were up 2.21% at 647.60p.
Reporting by Iain Gilbert at Sharecast.com
Standard Chartered (STAN)
