Standard Chartered has appointed executive search firm Egon Zehnder to seek a successor for its CEO Peter Sands.
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The lender has taken this move after its largest shareholders, Temasek and Aberdeen Asset Management, has pressurized chairman John Peace to step up hunt for a new CEO.
Asia’s slow economic growth and increasing bad loans costs have compelled the lender to reduce its earnings forecast three times last year.
Singapore’s Temasek and UK’s Aberdeen Asset Management, which overall own nearly 30% of the bank, has accused Sands of not responding fast enough to a reversal of the bank’s fortunes.
Sands joined the bank as finance director in 2002 and was promoted to CEO four years later. A replacement for Sands is reportedly likely to be in place by the end of this year.
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