Standard Chartered CFO De Giorgi unexpectedly resigns to join Apollo | Company News
Written by: Denise Wee and Ambereen Choudhury
Standard Chartered Plc Chief Financial Officer Diego De Giorgi, one of the frontrunners to replace long-time CEO Bill Winters, has unexpectedly resigned after nearly two years on the job.
According to the statement, he will be replaced by deputy CFO Peter Burrill on an interim basis as the London-based firm seeks a permanent replacement “in due course”.
De Giorgi, who joined the bank in September 2023, will serve as partner and head of Europe, Middle East and Africa at Apollo Global Management Inc., according to a separate statement from the alternative asset giant. He will replace his longtime partner Rob Seminara.
He was seen as one of the candidates to replace Winters, who is the longest-serving CEO of a major British bank. Formerly Bank of America Corp. and held senior roles at Goldman Sachs Group Inc. and on the boards of UniCredit SpA.
Another leader to replace Winters, Simon Cooper, left the emerging markets lender abruptly in 2024 as it embarked on a broader management shakeup to boost returns.
De Giorgi’s departure comes as the bank is in the midst of a restructuring program known as ‘Fit for Growth’, which aims to streamline operations and save $1.5 billion. Winters has overhauled the lender over the past few years to focus on growth in Asia.
Standard Chartered shares in Hong Kong rose more than 80% last year, sending the share price to its highest level since 2010. The UK lender appointed Maria Ramos as president last year, replacing Jose Vinals.
Although headquartered in London, Standard Chartered generates most of its revenue from its operations in Asia, Africa and the Middle East. Its largest market is Hong Kong, which is still recovering from a long economic contraction. Standard Chartered also has large operations in Singapore, where its largest investor, Temasek Holdings, is headquartered.
As Apollo’s head of EMEA, De Giorgi will oversee the firm’s fast-growing region as it expands credit, equity and hybrid origination, as well as wealth and retirement solutions.
Apollo has approximately $155 billion in assets under management in EMEA and a team of approximately 600 professionals. The firm has been an active investor in Europe, committing and deploying tens of billions of dollars in loans, equity and hybrid investments last year alone.
