Last checked at 7 Jan 2016 18:18
7 January 2016
Standard Chartered PLC announces Board Change
Standard Chartered PLC ("the Group") announces that Mike Rees (aged 59), Deputy Group Chief Executive has made a decision to retire from the Group after 26 years. He will step down from the Board and his role as Deputy Group Chief Executive on 30 April 2016. He will not seek re-election as a Group Executive Director at the 2016 AGM in May and will leave the Group on 31 December 2016.
Prior to his retirement, Mike will continue to support Bill Winters, Group Chief Executive, Andy Halford, Group Chief Financial Officer and the Management Team, on a comprehensive programme of actions relating to the Group's new strategy.
Sir John Peace, Chairman, Standard Chartered PLC said: "Mike has made a major contribution to Standard Chartered over the past 26 years, and I would like to particularly thank Mike for his valuable support to the Board and the Management Team in shaping and executing on our new strategy."
Remuneration statement in relation to Mike Rees
Mike Rees will receive his current salary and benefits up until 31 December 2016 in line with his contractual terms (or such other earlier date which is mutually agreed by both parties).
Given Mike's retirement and service record of 26 years, the Group will confer eligible leaver status to allow him to retain any unexercised share awards. All unexercised awards will continue to vest over the original vesting periods i.e. there is no acceleration of vesting, and each award will remain subject to a) malus (i.e. the potential claw-back of any unvested element), b) the future satisfaction of any applicable performance measures and c) relevant non-compete and non-solicit provisions.
ENDS
For further information, please contact:
James Hopkinson - Investor queries
james.hopkinson@sc.com +44 20 7885 7151
Jon Tracey/Shaun Gamble - Media queries
jonathan.tracey@sc.com +44 207 885 7613
shaun.gamble@sc.com +44 207 885 5934
Standard Chartered
We are a leading international banking group, with around 86,000 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.
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