By Kimberley Kao


Standard Chartered has named Peter Burrill as interim group chief financial officer, marking an abrupt leadership change at the London-based bank.

Diego De Giorgi is stepping down as executive director and group CFO effective immediately, the lender said in an exchange filing Tuesday.

Burrill, currently group head of central finance and deputy chief financial officer, will be based in London, it said. A permanent group CFO will be announced in due course.

"Under his interim stewardship, we remain well-positioned to capitalize on the strategic focus and momentum of our business," Group Chief Executive Bill Winters said.

The CFO's departure came as a surprise, and the sudden transition could trigger investor concerns, said Kathy Chan, equity analyst at Morningstar.

Hong Kong-listed shares of the bank fell over 6% in afternoon trade following the announcement, before paring losses. The stock closed 2.0% lower.

Shares in London fell 3.4% in early trade.

The timing of De Giorgi's move is unhelpful, given that the bank's full-year results are due this month, and a mid-term strategy update is due to be provided in May, Jefferies equity analyst Joseph Dickerson said in a research note.

De Giorgi drove the group's efficiency program and transformed investor communications--which helped the bank's share price multiple--and was regarded by investors as an eventual contender for the CEO post, he noted.

For now, Burrill is a decent candidate for the interim role, Morningstar's Chan said, citing his experience.

With near-term focus set on completing a restructuring program, Chan expects Burrill to continue to deliver on targets, with limited operational impact. "This should allow some breathing room for the bank to search for a suitable candidate for the permanent role," she added.

In a separate statement, asset manager Apollo Global Management said De Giorgi will join as a partner and head its business in Europe, the Middle East and Africa. He is succeeding Rob Seminara, a longtime partner at the firm, who will remain in the region to support the transition before assuming new responsibilities for Apollo later this year.

Apollo established its EMEA headquarters in London more than two decades ago and has a growing office footprint across the region. The firm had about $938 billion of assets under management as of 2025, with the region accounting for nearly one-fifth of the total.


Write to Kimberley Kao at kimberley.kao@wsj.com


(END) Dow Jones Newswires

02-10-26 0334ET