Standard Chartered Plc has announced changes to its board, describing it as part of an orderly succession plan balancing stability with fresh perspective.

According to a statement on Sunday, the current Group Chief Executive Officer, Peter Sands, is to stand down from the board, giving way to the announcement of William Winters as the new Group Chief Executive with his appointment to the board taking effect in June 2015.

The group said the changes to the board also extended to the topmost levels as the current Chairman, Sir John Peace, had indicated an intention to step down from the board during the course of 2016, allowing time for the new Group CEO to transition into his new role and to ensure board level continuity.

Speaking about the ongoing transitions, Peace was quoted as saying, “Bill Winters is a globally respected banker and has the right experience and skills to drive the Group’s new phase of growth.

“He brings substantial financial experience from leading a successful global business and has an exceptional understanding of the global regulatory and conduct environment.

“He’s also a proven leader with a strong track record in nurturing and developing talent.

“Peter Sands has made an immense contribution to the success of the group and has had a transformative impact during his 13 year tenure as both Group CEO and previously as Group Finance Director.”

He said since he became the Group CEO in 2006, the group had more than doubled in size and had been consistently profitable, with over $12bn of dividends to shareholders.

“His leadership and insight, over a period of huge change and challenge for the entire industry, ensures he leaves the Group well placed to achieve its full potential as one of the world’s leading financial institutions.”

The banks current Group Chief Executive Peter Sands was not left out as he vocally expressed his delight with the transition process stating that “After more than eight years as Group Chief Executive, now is the right moment to hand over to new leadership.

“Bill and the team will inherit a more focused and efficient bank with a superb client franchise and a unique network across some of the most dynamic markets in the world.

“It has been my privilege to lead the people of Standard Chartered through a period of extraordinary turbulence and growth.”

Punch