Why has Standard Chartered’s CFO Quit Unexpectedly?

Standard Chartered has announced Diego De Giorgi, Group CFO, will be leaving the bank with immediate effect. 

In a company statement, Standard Chartered shared that he had “decided to pursue an external opportunity”. 

Diego will be starting a new role at asset management organisation Apollo Global Management as a partner and head of Europe, the Middle East and Africa. 

A client of Standard Chartered, Apollo entered into a US$3bn partnership with the bank in 2025 as part of an initiative to finance infrastructure and green energy projects.

Shares in the bank dropped by 5.3% following the announcement, after nearly tripling under Diego's tenure.

In a statement shared by Apollo Global Management, Diego says: “I have long viewed Apollo as one of the most innovative firms in financial services, and this is an especially meaningful time for me to be a part of its growth journey as European companies, economies and investors demand the types of long-term solutions Apollo brings to bear.

“I am excited to leverage the breadth of my experience in working with clients, regulators, banking partners and the broader financial services sector to lead Apollo’s EMEA business in this next phase alongside an impressive group of colleagues.”

A favourite for CEO succession

Diego was rumoured o be the favourite internal candidate to replace CEO Bill Winters, who has held the chief executive role for more than a decade – making him one of the longest serving CEOs in the FTSE 100. 

In early 2026, Bill signalled to the board that he planned to stay in the CEO role longer than previously anticipated. 

Similarly in 2024, Simon Cooper, another potential successor, also left the company to “pursue other interests”, according to Standard Chartered, after Bill shared he had no plans to leave the company. 

As Bill turns 65, the Times reports that the Board, led by Chair Maria Ramos, is turning its attention to succession planning. 

The company is also set to announce new strategic targets in May, following its “Fit For Growth” programme. This initiative was designed to simplify the bank's structure and reduce costs by US$1.5bn. 

Diego played a key role in executing this plan by helping to streamline operations across the bank’s global network and introduce new efficiency measures that improved the bank's financial performance.

Discussing the bank’s strategic initiatives in 2022, Bill said: “We have put a refreshed set of guidance on the table today, I would love to deliver that guidance and deliver that package ... it's more than just sharpening up the financials, it's changing the way that we operate,”

As the bank moves on to a new set of strategic initiatives, some believe the bank may begin phasing in its succession plan for the CEO. 

Who will replace Diego Di Giorgi?

Standard Chartered has named Pete Burrill as Interim Group Chief Financial Officer in a statement. Pete has been with the bank since 2017, most recently serving as Group Head, Central Finance and Deputy Chief Financial Officer. 

Bill says: “As deputy CFO, Pete has extensive sectoral experience. He likewise provides valuable continuity to the leadership of our finance function and takes on the position as a well-regarded member of our global leadership team. 

“Under his interim stewardship we remain well-positioned to capitalise on the strategic focus and momentum of our business.”

The bank is currently conducting a thorough search for a permanent successor for the Group CFO role.