March 6, 2020 / 4:48 PM / 22 days ago

Exclusive: Standard Chartered says CEO Winters to remain at bank to execute current strategy - memo

Standard Chartered PLC Group Chief Executive Bill Winters attends the China Development Forum in Beijing, China March 23, 2019. REUTERS/Thomas Peter/Files

LONDON (Reuters) - Standard Chartered (STAN.L) Chief Executive Bill Winters is expected to stay at the bank until the conclusion of its current strategy, its Chairman Jose Vinals said in an internal memo seen by Reuters on Friday.

The memo, which follows recent British media reports that said Vinals has been sounding out replacements for Winters, did not mention any timeline, but the bank’s current strategic plan is set to run until at least 2021.

A spokeswoman for the bank confirmed the contents of the memo.

“I want to comment on recent press speculation about CEO succession at major UK banks, including at Standard Chartered,” Vinals said in the memo sent to all staff.

“Both Bill and I have said unequivocally that (we) intend to work together through the delivery of our strategy and the transformation of our bank,” he said.

Former JPMorgan banker Winters won plaudits from investors during his first three years at the lender from 2015 to 2018 when he repaired its balance sheet and overhauled its lending culture.

He has endured a tougher time in recent years, however. Its share price has languished as it struggles to grow revenues, and some investors criticised his pension allowance for being above that of the wider workforce.

Reporting By Lawrence White; Editing by Keith Weir and Jan Harvey

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