Standard Chartered shares fall as finance boss exits for Apollo
The finance boss of Standard Chartered has made a swift exit from the bank as he takes up a top job at asset manager Apollo.
Diego De Giorgi, who joined the bank in September 2023 before becoming chief financial officer in January 2024, stepped down to lead Apollo’s European, Middle East and Africas region.
The FTSE 100 bank’s stock tumbled near five per cent in early trading to 1,807.50p.
Giorgi had previously served an 18-year stint at Goldman Sachs, with eight of those as a partner, before becoming chief operating officer for the global investment banking division.
The finance chief is credited with being the driving force behind Standard Chartered’s ‘Fit for Growth program.
The plan was introduced in 2024 kicked off a three-year transformation with the aim to simplify, standardise and digitise the lender’s operations and reduce expenses by near $1.5bn in three years.
Standard Chartered loses CEO contender
“Whilst banks are ultimately run by many more people than the key C-suite members, this departure is a particular blow for Standard Chartered in our view,” analysts at Jefferies said.
They added Giorgi was viewed as a top contender by investors to succeed chief executive Bill Winters – who is the longest-standing banking boss among the big British banks.
“[Giorgi] had a transformational effect on investor communications over the past several years, contributing not just to financial performance but also better communications which have helped the share price multiple,” analysts said.
The Asian-focused lender said it had appointed Peter Burrill as interim chief financial officer and with a permanent appointment to be made in due course.
“As deputy CFO, Pete has extensive sectoral experience,” Winters said.
“He likewise provides valuable continuity to the leadership of our finance function and takes on the position as a well-regarded member of our global leadership team. Under his interim stewardship we remain well-positioned to capitalise on the strategic focus and momentum of our business.”