New StanChart boss to keep growing
(1 December 2006 – UK) The new chief executive of Standard Chartered has said the biggest challenge facing the bank is to continue growing the share price at a similar pace to the past three years.
Former McKinsey & Co consultant and Standard Chartered staffer since 2002, Peter Sands, was named the new CEO last week. He replaced Mervyn Davies who has taken over from Bryan Sanderson as chairman.
Sands said Standard Chartered had more than doubled its share price since early 2003 with earnings per share growth increasing 20 percent since he joined in 2002.
'My challenge is to raise the bar again. We've driven up the share price; we've driven up the earnings per share. Our aspiration going forward is to continue that pace of growth,' he said.
Sands was brought up in Singapore and Malaysia so knows the Asian markets – which account for much bank focus – very well.
He said Standard Chartered would keep growing organically but that it would always keep an eye out for acquisition opportunities.
Sands said Standard Chartered had more than doubled its share price since early 2003 with earnings per share growth increasing 20 percent since he joined in 2002.
'My challenge is to raise the bar again. We've driven up the share price; we've driven up the earnings per share. Our aspiration going forward is to continue that pace of growth,' he said.
Sands was brought up in Singapore and Malaysia so knows the Asian markets – which account for much bank focus – very well.
He said Standard Chartered would keep growing organically but that it would always keep an eye out for acquisition opportunities.
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