The board of Standard Chartered is set to undergo dramatic changes, as group chief executive Peter Sands and chairman Sir John Peace announce plans to step down.
Sands will leave in June this year, and will be replaced by Bill Winters (pictured), the former head of JP Morgan's investment bank.
Sands says: "Now is the right moment to hand over to new leadership ... It has been my privilege to lead the people of Standard Chartered through a period of extraordinary turbulence and growth."
Bill Winters will join Standard Chartered at the beginning of May this year and will be appointed to the board as group chief executive in June. He will be based in London.
Chairman, Sir John Peace intends to step down from the board during 2016, allowing time for Winters to transition into his new role.
Peace says: "Bill is a globally respected banker and has the right experience and skills to drive the Group's new phase of growth."
Jaspal Bindra, group executive and chief executive officer for Asia, will also leave the board, as will the bank's three longest serving independent non-executive directors.
Standard Chartered will be hiring two new independent non-executive directors and intends to reduce the board size to 14 directors in total.
The group has also made changes to its broader board composition in line with its multi-year succession plan, in which a further three long-standing directors will step down and two new directors will join in their place.
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