Standard Chartered PLC announces Board changes

Standard Chartered PLC announces Board changes
Standard Chartered PLC (”Standard Chartered” or the “Group”) announces that Mervyn Davies has stepped down from the Board with immediate effect as a result of his appointment as Minister for Trade Promotion and Investment in the UK Government.

The Board has appointed its Deputy Chairman and Senior Independent Director, John Peace as Acting Non-Executive Chairman. Rudy Markham has been appointed Acting Senior Independent Director. The Board has asked the Nomination Committee to lead the process for the appointment of a Non-Executive Chairman.

Mervyn joined the Group in 1993 and has been on the Board of Standard Chartered PLC since 1997. He was Group Chief Executive of Standard Chartered PLC from November 2001 until November 2006, when he was appointed Non-Executive Chairman.

John Peace was appointed as Deputy Chairman and Senior Independent Director of the Board in August 2007. He is also Chairman of Experian plc and Burberry Group plc.

During Mervyn’s time as Chairman and previously as Group CEO the Group’s clear strategy to lead the way in Asia, Africa and the Middle East, its disciplined approach to banking and its customer focus have resulted in its significant strategic and financial progress.

The Standard Chartered PLC Board would like to thank Mervyn Davies for his outstanding service on the Board of Standard Chartered PLC.

Mervyn Davies said: “It has been my privilege to serve as a Director, CEO and then Chairman of Standard Chartered. The bank is in great shape at a time when the industry faces many challenges. I am honoured to take up the new role with HM Government but will be very sad to leave so many friends at Standard Chartered.”

Peter Sands, Group CEO said: “It has been a privilege to have worked with Mervyn. He is a truly professional banker, an outstanding leader and a good friend. At Standard Chartered we will miss him, but we are also very pleased for him as he takes on this important role.”

These appointments are subject to any required regulatory approvals.

Notes to Editors
For Biographies of the Directors please see:

Standard Chartered - leading the way in Asia, Africa and the Middle East

Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world’s most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.

Standard Chartered aspires to be the best international bank for its customers across its markets. The Bank derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, generated from its Wholesale and Consumer Banking businesses. The Group has around 1,750 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.

Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs 75,000 people, nearly half of whom are women. The Group’s employees are of 115 nationalities, of which 60 are represented among senior management.

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