Standard Chartered Plc's regional CEO for ASEAN and South Asia and commercial and private banking head, Anna Marrs, is set to step down from the bank's management team May 31 and will leave the lender Sept. 9.
Marrs had already planned to hand over her duties as regional CEO for the ASEAN and South Asia, or ASA, region to Judy Hsu in two stages through autumn 2018. Hsu, who had been CEO for ASEAN and Singapore, will now take over as regional CEO for ASA on June 1, remaining as CEO for Singapore until a successor is named.
StanChart will realign the reporting lines for its commercial banking and private businesses in response to Marrs' pending departure. The commercial banking division will report to Simon Cooper, CEO for corporate and institutional banking, effective immediately. Jiten Arora, regional head of commercial banking in ASEAN and South Asia, will be responsible for the commercial banking business on an interim basis, with a permanent appointment to be made in due course.
Additionally, Didier von Daeniken will continue to head the bank's private banking and wealth management businesses and for his wealth responsibilities will report to Greater China and North Asia regional CEO and retail banking head Ben Hung. For the private banking responsibilities, von Daeniken will report to Europe and Americas regional CEO Tracy Clarke.
StanChart said Marrs is leaving to return to London with another U.K.-based financial services company.