Viswanathan Shankar of Standard Chartered Plc (StanChart) has resigned from the position of Group Executive Director and Chief Executive Officer, Europe, Middle East, Africa and Americas to pursue other interests after a 13 year career at the bank.
Shankar will leave the Group on 30 April 2015 and will not be seeking re-election at the AGM board on 6 May.
Peter Sands, Group Chief Executive said that “Shankar has made a significant contribution to the success of the Group, both as Group Head for Origination and Client Coverage, and in his current role. He was also instrumental in establishing and leading our highly successful Corporate Finance and Principal Finance businesses.”
The bank’s remuneration committee has decided that Shankar will receive his base salary until mid-October and is eligible to a statutory payment, totalling approximately $280,000 on termination. Also, due to Shankar’s dedicated commitment to the company he will be rewarded with good leaver status and he will be allowed to retain any unvested share awards given to him during his employment.
StanChart is a British multinational financial company that offers banking services for some of the world’s major markets. 2014 was an unsuccessful year for the company who had to two profit warnings, had a 29% decline in share price and were pressured by shareholders to have a boardroom clear out. Since the start of this year, however, shares are up by 14.8% and at the annual results this month, Sands outlined a programme of $1.8bn in cost cuts, as well as a plan to shrink risk-weighted assets by up to $30bn over the next three years.
From 1 May, the Standard Chartered PLC Board will comprise of three Executive Directors: the Group Chief Executive, Deputy Group Chief Executive and Group Finance Director, which will be the initial steps made by the bank to reduce the number of board members
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