In an attempt to revolutionise the bank after years of disappointing financial performance, Standard Chartered has made many changes to its management team.
According to the Telegraph, Bill Winters was appointed CEO last month and now leads a management team of 13. Alongside this, Mike Rees, deputy chief executive will not report directly to anyone but will lose responsibility of Standard Chartered’s bank’s retail and commercial banking departments.
Rees earned $6.95 million in 2014, in addition to the $65 million he was given between 2009 and 2013, which made him the bank’s best paid board member last year. Winters believes that these changes will help Standard Chartered achieve all their goals. “The Group needs to kick-start performance, reduce its cost base and bureaucracy, improve accountability, and speed up decision making. The new structure will help achieve all of these critical objectives and will be in place as we communicate a comprehensive plan to address the Group’s performance by the year end,” Winters said.
Despite annual profits and share prices falling in the last few years, Standard Chartered was one of the banks that was unaffected by the recession. Pressure from shareholders forced former CEO Peter Sands to leave last year and chairman Sir John Peace is expected to leave next year, according to the Telegraph.
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