Standard Chartered on Monday announced a new organizational structure and the formation of a global management team that will see the current India head Sunil Kaushal elevated to a new role of regional CEO for the combined Africa and Middle East Regions.
The bank said it will announce a new CEO for India soon and appointed senior executive Ajay Kanwal as head of Asean and South Asia, including India.
The London-listed bank which counts Asia, Africa and the Middle East as its main areas, re-aligned its markets into four new regional businesses - ASEAN and South Asia, including India that will be led by Ajay Kanwal, Africa and Middle East to be led by Sunil Kaushal, Greater China and North Asia under Ben Hung and Europe and Americas to be led by Tracy Clarke.
Under the new structure, India will sit in the new ASEAN and South Asia region under Ajay Kanwal who will be based in Singapore. The appointments will be effective from October 1, 2015.
Sunil Kaushal, who is currently the regional CEO for South Asia and CEO India, will also move to his new role from October 1, 2015. He will remain as Regional CEO South Asia and India CEO until this date, the bank said.
Both Sunil and Ajay will report to Group CEO Bill Winters and both will be members of the Group’s Management Team.
“These are exciting times for Standard Chartered and I am looking forward to building further our excellent franchises across the Middle East and Africa. Both continents have strong trade and investment ties to India, playing to Standard Chartered’s history and expertise, and contain many of the most dynamic economies on the planet,” said Sunil Kaushal. “After three and a half years as CEO in India and South Asia, I am proud to pass the baton to Ajay’s leadership. We recently reported strong domestic financial performance in India and the business is well poised to seize the opportunities presented by the coming economic turnaround supported by a business friendly government,” he added.
Stanchart said the move is in line with its aim to simplify its organisational structure to improve accountability, speed up decision making and to achieve the previously announced $1.8 billion of cost savings by 2017 end.
Group Chief Executive Bill Winters said: “The Group needs to kick-start performance, reduce its cost base and bureaucracy, improve accountability, and speed up decision making. The new structure will help achieve all of these critical objectives and will be in place as we communicate a comprehensive plan to address the Group’s performance by the year end.”