By Denise Wee and Ambereen Choudhury
Standard Chartered Plc Chief Financial Officer Diego De Giorgi, one of the front-runners to eventually replace Chief Executive Officer Bill Winters, unexpectedly resigned after about two years in the role.
He will be replaced on an interim basis by deputy CFO Peter Burrill as the London-based company eventually seeks a permanent replacement, a statement said.
De Giorgi, who joined the bank in September 2023, will join Apollo Global Management Inc. taking on a role as partner and head of Europe, the Middle East and Africa, according to a separate statement from the alternative assets giant. He succeeds former partner Rob Seminara.
He was seen as one of the candidates to replace Winters, the longest-serving CEO of a major British bank. He previously held senior positions at Bank of America Corp. and Goldman Sachs Group Inc. and on the board of directors of UniCredit SpA.
Simon Cooper, another front-runner who succeeded Winters, left the emerging markets lender abruptly in 2024 as the company implemented a broader management shake-up to boost returns.
De Giorgi’s departure comes as the bank is in the midst of a restructuring program known as ‘Fit for Growth’, which aims to streamline operations and save $1.5 billion. Winters has overhauled the lender in recent years to focus on growth in Asia.
Shares of Standard Chartered in Hong Kong have risen more than 80% in the past year and the share price is around the highest level since 2010. The British lender appointed Maria Ramos as chairman last year to succeed Jose Vinals.
Despite being based in London, Standard Chartered generates the majority of its revenue from its operations in Asia, Africa and the Middle East. The largest market is Hong Kong, which is still recovering from a prolonged period of economic contraction. Standard Chartered also has major operations in Singapore, where its largest investor, Temasek Holdings, is headquartered.
As Apollo’s head of EMEA, De Giorgi will oversee a fast-growing region for the company, where it is expanding credit, equities and hybrid manufacturing, as well as wealth and retirement solutions.
Apollo has approximately $155 billion in assets under management in EMEA and a team of nearly 600 professionals. The company has been an active investor in Europe, investing tens of billions in credit, equity and hybrid investments in the past year alone.
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