Standard Chartered CFO suddenly resigns, stock price once fell 6%, Deputy Financial Director temporarily takes over

Standard Chartered Group (2888) Chief Financial Officer Diego De Giorgi suddenly switched to the private equity fund Apollo. Standard Chartered announced that it has appointed Peter Burrill (Pete) as the interim Group Chief Financial Officer, taking over Diego De Giorgi's position, and stated that Diego De Giorgi resigned as Executive Director and Group Chief Financial Officer effective immediately due to his decision to accept an external job opportunity. Standard Chartered will announce the long-term appointment of the Group Chief Financial Officer at an appropriate time. Potential Candidates for the Next CEO Diego De Giorgi took office as Chief Financial Officer of Standard Chartered Group in January 2024 and was seen as one of the potential candidates to succeed Bill Winters as Group Chief Executive. His sudden departure received negative reactions from investors and analysts, causing Standard Chartered's stock price to come under significant pressure in the afternoon, dropping as much as 6.4% to a low of 189 HKD, before closing at 198 HKD, with the decline narrowing to 2%. As for Pete, who is 54 years old, he will be based in London and report directly to Group Chief Executive Bill Winters. He is currently the Group Head of Finance and Deputy Chief Financial Officer at Standard Chartered Bank. Before joining Standard Chartered in 2017, Pete served as Group Director and Co-Head of Group Finance at Deutsche Bank. His career began at KPMG, where he worked for nearly twenty years, including ten years in the United States and another ten years stationed in Germany. Bill Winters: Interim CFO Leads the Group Still in a Favorable Position Regarding this interim appointment, Winters stated that as Deputy Chief Financial Officer, Pete has extensive industry experience. He also provides valuable continuity for the leadership of the finance function and takes over as a respected member of the global leadership team. Under his interim leadership, the group remains in a favorable position to fully capitalize on strategic business priorities and development momentum. Winters thanked Diego for his contributions during his tenure as Group Chief Financial Officer, including his valuable support in executing strategies, and wished him all the best for the future. Former CFO Joins Private Equity Fund Apollo On the same day, Apollo announced the appointment of former Standard Chartered Group Chief Financial Officer Diego De Giorgi as its partner, succeeding Rob Seminara as the head of Europe, the Middle East, and Africa (EMEA). Diego De Giorgi will be responsible for business development in the rapidly growing EMEA market, including credit, equity and hybrid financing, wealth and retirement solutions businesses, among others