July 24 Standard Chartered Plc
dismissed media rumours that its chairman was working on a
succession plan amid shareholder pressure.
Standard Chartered said in a statement late on Wednesday
that it was united in its support of both Group CEO Peter Sands
and Chairman Sir John Peace in restoring the bank to profitable
The bank said robust and considered succession plans for all
of the senior leaders were in place.
"We take our board succession extremely seriously and
discuss this topic with our shareholders on a regular basis,"
the Standard Chartered statement said. "We will ensure orderly
succession takes place at the appropriate times, and only in a
responsible manner consistent with full market transparency."
The Financial Times reported that Sir John Peace is weighing
a succession plan, and has been urged to conduct a search both
internally and externally over the next 12 months, citing three
people familiar with the matter.
(Reporting by Aashika Jain in Bangalore. Editing by Andre