StanChart announces top level rejig; Group ED Shankar quits

UK-based Standard Chartered on Wednesday said Group Executive Director & CEO Viswanathan Shankar has resigned, and announced certain top level appointments.

Shankar, Group ED and CEO (Europe, Middle East, Africa and Americas) has resigned to pursue other interests, after a 13-year career at Standard Chartered, the bank said in a stock exchange filing. Shankar would step down from the Board with effect from April 30, 2015.

"As a result of this change, with effect from May 1, Standard Chartered PLC Board will comprise three EDs - the Group Chief Executive, Deputy Group Chief Executive and Group Finance Director, in line with the Group's stated intention to reduce the overall board size to 14 Directors in due course," the bank said.

It announced the appointment of Jonathan Paul as Group Head, Financial Markets, with effect from April 7. Paul would be based in Singapore.

Sumit Dayal has been appointed as Group Head, Corporate Finance, with effect from today. He will continue to be based in Singapore. Mark Dowie, formerly Group Head, Corporate Finance and acting Group Head, Financial Markets, will become Vice Chair, Clients and Products with effect from April 7.

In this new role, Dowie will be involved in a range of activities including business development and relationship management with clients across the Group's footprint. He will be based in London.

Last month Standard Chartered had announced the appointment of Michael Gorriz, formerly Vice President and Chief Information Officer at Daimler AG, as Group Chief Information Officer.

He would join the Bank during the third quarter of 2015 and would be based in Singapore. "These new appointments further demonstrate the substantial progress we are making in attracting and developing top leadership talent to the Group," Standard Chartered Chairman John Peace said.