StanChart seeks success in non-succession

摘要

Standard chartered's July 23 Statement countering rumours of a succession battle for the chief executive and chairman slots, as Peter Sands and John Peace come under increasing pressure to right the listing ship, was bizarre in so many ways. In caving in to media speculation, I'm not sure the bank did itself any favours. In fact, on the basis of that old chestnut of reverse psychology, denying the media speculation probably did a lot more to confirm it in the eyes of many people. The statement glibly confirmed that the board was united in its support of Sands, Peace and the management team. It went on to say that while "robust and considered succession plans are in place for all of the senior leaders... no succession planning is taking place as a result of recent investor pressure". But in confirming that there has been investor pressure, you've got to wonder therefore, why not? With the shares down 30% since their peak, a sense of strategic listlessness, a poor first-half trading performance, revolving door syndrome at senior management levels, and uncertainties about the sustainable quarter-on-quarter growth potential of emerging markets for a bank that's irreversibly backed itself down the EM alley, maybe it's about time for some sort of Plan B.