Standard Chartered's Chairman Says Bank Hasn't Found His Successor

LONDON—Standard Chartered PLC Chairman John Peace said the bank still hasn't found his successor, after announcing 15 months ago that he would leave the bank this year.

At a shareholder meeting on Wednesday, Mr. Peace said the search "is progressing," and that he still expects his seven-year tenure to end in 2016.

Standard Chartered has replaced its executive team and much of its board since a decadelong earnings spree in Asia petered out two years ago. Mr. Peace's departure plans were announced in February 2015, when the bank also moved to replace former chief executive Peter Sands with Bill Winters. A new chairman was originally expected to be lined up in time for this year's annual shareholder meeting, held in London on Wednesday.

After the meeting, Mr. Winters said the chairman job was proving tough to fill because of its time and travel commitments as well as new U.K. rules that threaten board members with potential criminal liability in the case of a bank collapse. Any successful candidate must be approved by the Bank of England's Prudential Regulation Authority.

The search is being led by Naguib Kheraj, the bank's senior independent director and a former Barclays and J.P. Morgan executive.

Since Mr. Winters joined last year, Standard Chartered is trying to reinvent itself as a smaller lender with less exposure to big commodities and energy companies. Last week, it cheered investors by reporting lower than expected bad loans in the first quarter.

Mr. Winters on Wednesday said the bank has boosted its capital, cut costs and reduced lending risk, in "an ambitious transformation program."

In what may be his last official appearance before shareholders, Mr. Peace said the bank had been hit by "particularly ferocious" headwinds to its business. After he repeated his plan to step down by the end of this year, some shareholders applauded. Mr. Peace responded with a weak smile.

Write to Margot Patrick at [e-mail]

(END) Dow Jones Newswires

May 04, 2016 12:05 ET (16:05 GMT)

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