Dive Brief:

• Standard Chartered CFO Diego De Giorgi is stepping down from his role and leaving the company “with immediate effect,” for an unnamed “external opportunity,” the London-based bank said Tuesday in a press release.
• The announcement came after New York City-based private-equity giant Apollo Global Management said it had hired De Giorgi as a partner and head of Europe, the Middle East and Africa. In that role, he’ll succeed Rob Seminara, who will take on global responsibilities later this year, Apollo said.
• StanChart, meanwhile, appointed Peter Burrill, the bank’s deputy CFO, to serve as interim finance chief until a permanent successor is named. StanChart CEO Bill Winters thanked De Giorgi for his contribution and cited Burrill’s “extensive sectoral” experience, noting that he provides “valuable continuity to the leadership of our finance function.” 

Dive Insight:

De Giorgi’s departure comes just over two years after he arrived at StanChart. He was seen, in finance circles, among potential candidates to eventually succeed Winters, the longest-serving U.K. bank CEO.

StanChart’s shares slid nearly 6% on Tuesday, signaling perhaps that the departure was a surprise.

The bank is set to release its full-year results in roughly two weeks, and to deliver a midterm update in May on its strategy, termed “Fit for Growth.” That effort has StanChart doubling down on its Asia markets, while streamlining operations to save $1.5 billion.

De Giorgi’s exit is a “particular blow” for StanChart, according to Jefferies analyst Joseph Dickerson, because the CFO has been a “driving force” behind Fit for Growth and has had a “transformational effect” on investor communications.

StanChart said it will announce a permanent CFO “in due course.” Burrill, who will be based in London, has worked in a range of senior roles at StanChart since joining the bank in 2017 from Deutsche Bank, where he served as group controller and co-head of group finance. Previously, he worked for roughly two decades at KPMG. 

“Under his interim stewardship, we remain well-positioned to capitalize on the strategic focus and momentum of our business,” Winters said of Burrill.

De Giorgi, meanwhile, has spent more than 30 years working for global banks in London. Prior to joining StanChart in 2023, he was co-chief executive of special-purpose acquisition company Pegasus Europe and served in leadership roles at Bank of America and Goldman Sachs. He served as head of global investment banking at BofA from 2015 to 2019 and as chief operating officer at Goldman’s investment banking division. 

“We have known Diego for many years and believe he will be a terrific steward of business in this next phase, bringing significant industry experience and a European perspective,” Apollo President Jim Zelter said in a statement. “He starts in a position of strength, succeeding Rob who has overseen strong AUM growth, the formation of new businesses and a continued expansion in local markets during his tenure in Europe.”

Apollo has about $155 billion in assets under management in EMEA, according to its release.

“This is an especially meaningful time for me to be a part of [Apollo’s] growth journey as European companies, economies and investors demand the types of long-term solutions Apollo brings to bear,” De Giorgi said in a statement.