- Rees to relinquish post at end of April, will also leave board
- He was architect of the firm's corporate, investment bank
Standard Chartered Plc, the U.K. lender that focuses on Asia, said that Deputy Chief Executive Officer Mike Rees plans to step down from his post at the end of April and exit the bank after more than two decades there.
Rees, 59, the architect of London-based Standard Chartered’s corporate and investment bank, also won’t seek re-election to the lender’s board, according to a statement. The 26-year veteran will receive his current salary and benefits until he leaves the company at the end of the year and will keep any unexercized share awards, the bank said.
Rees is leaving months after new CEO Bill Winters stripped him of powers in a push to gain more direct control and speed up cost-cuts. Winters, at the helm since June, is firing thousands of workers while restructuring or exiting billions of dollars of assets as the lender reels from losses tied to bad loans after commodity prices slumped and emerging markets cooled.
“Mike has made a major contribution to Standard Chartered,” Chairman John Peace said in the statement. “I would like to particularly thank Mike for his valuable support to the board and the management team in shaping and executing on our new strategy.”
Rees didn’t immediately respond to messages seeking comment.
He built Standard Chartered’s investment bank and trade finance operations after becoming CEO of wholesale banking in 2002, expanding the unit to account for more than 70 percent of the lender’s assets and profit by 2013. He joined the board in 2009 and was made deputy CEO in 2014 when the bank merged its wholesale and consumer units under Rees’s direction.