Standard Chartered names Manus Costello as permanent CFO
Leadership Changes and Strategic Developments at Standard Chartered
Manus Costello Appointed as Permanent CFO
May 18 (Reuters) - Standard Chartered on Monday appointed Manus Costello as its permanent chief financial officer, succeeding Diego De Giorgi, who resigned in February after nearly three years with the bank.
Background on Recent CFO Transitions
Interim Leadership Following De Giorgi's Departure
StanChart had named Peter Burrill as its interim CFO in early February, following the abrupt exit of De Giorgi, who had left the Asia- and Africa-focused lender to join Apollo as head of the EMEA region.
Costello's Interim Appointment and Board Role
StanChart said Costello would become the interim group chief financial officer effective immediately, and would join the board as an executive director, subject to regulatory approvals.
Executive Statements and Strategic Vision
Comments from Chief Executive Bill Winters
"He has made a significant contribution to the group's strategic positioning and engagement of stakeholders, while also bringing strong rigour and an entrepreneurial mindset to the role," Chief Executive Bill Winters said in a statement.
"This will further benefit Standard Chartered as we move forward into our next phase of growth and deliver on our medium-term financial objectives."
Additional Leadership Appointments
Tanuj Kapilashrami Named Group Chief Operating Officer
StanChart also said Tanuj Kapilashrami would become the bank's group chief operating officer. She is currently chief strategy and talent officer.
Manus Costello's Background and Experience
Professional Experience and Reporting Structure
Costello, who joined the bank in 2024 as the global head of investor relations, has 25 years of experience in equity research, the bank said. He will be based in London and report directly to Winters.
Implications of De Giorgi's Departure
Impact on Bank Leadership
De Giorgi's departure was seen as a major blow to the bank. He had been viewed as a contender to succeed Winters, the longest-serving banking chief among large British banks.
Recent Financial Performance and Outlook
First Quarter Results and Market Activity
Standard Chartered posted a better-than-expected 17% profit gain for the first quarter last month, buoyed in part as Gulf countries rushed to raise funds via bond issuance, although it logged a $190 million charge to cover expected losses from the Iran war.
Upcoming Strategy Update
The bank will hold a strategy update on Tuesday.
Reporting and Editorial Credits
(Reporting by Rajasik Mukherjee in Bengaluru; Writing by Scott Murdoch; Editing by Mark Porter and Edmund Klamann)
