Standard Chartered continuously slides after CFO's abrupt exit

Standard Chartered (2888) fell 0.91 percent to close at HK$196.2 on Wednesday, extending losses for a second straight day after its chief financial officer's sudden exit.

Former CFO Diego De Giorgi stepped down on Wednesday. On the same day, US-listed alternative asset management giant Apollo Global Management announced the appointment of De Giorgi as its head of Europe, the Middle East and Africa.

Goldman Sachs said investors reacted negatively to the sudden departure and warned it could affect chief executive Bill Winters’ succession planning ahead of a corporate strategy update due in May.

Jefferies analyst Joseph Dickerson described De Giorgi’s departure as “a particularly heavy blow”. Since taking office in January 2024, Standard Chartered's price has increased more than twofold, or about 235 percent.

Morningstar analyst Chan said interim CFO Peter Burrill is experienced and the operational impact should be limited. This would allow the bank time to identify a permanent successor.

Cynthia ZHONG