Standard Chartered Names Rees Deputy CEO, Medding Departs
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Standard Chartered Plc named Mike Rees deputy to Chief Executive Officer Peter Sands as the U.K. bank struggling with writedowns in South Korea combines its corporate and consumer-banking units to cut costs.
Chief Financial Officer Richard Meddings, 55, and Steve Bertamini, 49, head of the consumer-banking unit that oversaw the Korean business, will both step down from the board and leave the company in the first half, the London-based bank said today. Rees, 57, joined the bank in 1990, was named to the board nine years later and appointed head of the corporate unit, the largest, in 2002.