Standard Chartered PLC announces changes to its Board

Standard Chartered PLC (the “Company”) announces that Andy Halford has decided to retire as Group Chief Financial Officer (“GCFO”) and Group Executive Director (“GED”). He will be succeeded by Diego De Giorgi who will join the Company on 1 September 2023 as GCFO Designate. Subject to regulatory approval, Diego will be appointed GCFO and will join the Board as GED in the first quarter of 2024. He will be based in London and report directly to the Group Chief Executive, Bill Winters.

Andy will continue as GCFO and GED until regulatory approval is given to Diego and will help ensure a smooth transition. Thereafter, Andy will continue as a Senior Adviser until he retires on 31 August 2024.

Diego (aged 53) was most recently the Co-Chief Executive of Pegasus Europe (Pegasus), Europe’s largest-ever Special Purpose Acquisition Company. Prior to this, Diego was an independent non-executive director of UniCredit S.p.A from 2020 to 2021. From 2013 to 2019, he served in leadership roles at Bank of America Merrill Lynch (“BAML”). He was the Co-Head then Head of Global Investment Banking from 2015 to 2019 and the Co-Head of Corporate & Investment Banking for the EMEA region between 2013 and 2015. Before that, Diego joined Goldman Sachs in 1994 and worked in roles across the Equity Capital Markets and Financial Institutions Groups in London. He later became the Chief Operating Officer for the company’s Investment Banking division prior to departing in 2012.

Bill Winters, Group Chief Executive said: “I am delighted that Diego has agreed to join the Group as GCFO Designate. With over three decades of experience in the global financial services sector, he brings strong business experience, deep commercial acumen, strategic expertise and leadership skills. I very much look forward to working with Diego in the years ahead as we continue to deliver on our strategy and financial targets.

I would like to thank Andy sincerely for his significant leadership, dedication and focus as GCFO since he joined the Group in 2014. He has been an invaluable member of the Management Team and a great partner for me and has been instrumental in shaping and driving the strategic direction of the company in his time here.”

Diego De Giorgi said: “I am honoured to have been offered this role at Standard Chartered and to have the opportunity to work closely with Bill, the Board and the Management Team to capture the opportunities presented by the Bank’s extraordinary footprint. I look forward to helping maximise the great potential of Standard Chartered while maintaining financial discipline and capital strength.”

Andy Halford said: “After nearly ten years restoring the Bank’s operational and financial performance to its previous levels and now with a demonstrable momentum in the business, it is the right time to pass the GCFO role to a new leader. It has been a privilege working with the Board, Bill and the Management Team throughout this time and I am sure Diego will add a new dimension when he comes into the GCFO role.”